King & Wood Mallesons has advised National Australia Bank Limited (“NAB”) on its first ever “green” bond issuance. This market-leading move represents the first issue by an Australian company of a “green” bond certified in accordance with the Climate Bond Standard.
The Climate Bond Standard is administered by the Climate Bond Initiative and allows investors, governments and other stakeholders to prioritise “low carbon” investments, and includes third party verification mechanisms.
The bond will raise A$300 million on a senior unsecured basis, with proceeds ear-marked for financing a portfolio of renewable energy assets, including wind farms and solar energy facilities across Australia.
The KWM team was led by partner Anne-Marie Neagle, assisted by solicitor Kathryn Tomasic.
Commenting on the deal, KWM partner Anne-Marie Neagle said, “We are delighted to have worked with NAB on the development of its first “green” bond. When raising funds, forward-thinking companies are now considering the full range of different bond options that are available, including options that support wider corporate objectives such as environmental sustainability. This development is another strong sign of a healthy and growing bond market in Australia.”