ABN AMRO is joint lead for first GBP green bond issuance of NatWest Group plc
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ABN AMRO UK DCM team is proud to have worked on all GBP green social and sustainability MREL (Minimum Requirement for own funds and Eligible Liabilities) deals from UK banks for 2021 YTD
ABN AMRO acted as a joint lead manager on the first GBP green bond issuance of NatWest Group plc (NWG) which is also the first green Holdco from a UK issuer since October 2020.
This issuance is based on NWG’s October 2020 Green, Social and Sustainability (GSS) Bond Framework and focuses fully on green residential buildings. Eligible assets will include the financing/refinancing of UK domestic properties, which have obtained an energy performance certificate (EPC) of at least “B”.
In the first 9 months of 2021, c.£565m of Green Mortgages were completed by NWG. Approximately £300m of these will be allocated to the proceeds of this bond, and NWG will look to allocate the remaining proceeds to new origination. NWG will manage the collateral pool dynamically to match the bond proceeds, and expects the proceeds of the Green Bond to be fully allocated within 12 months of issuance.
