Singapore plans to raise another $1.8 billion via 50-year green bond
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Singapore’s planned offering is part of a bid to raise as much as $35 billion of environment-focused financing by 2030.
PHOTO: ST FILE
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SINGAPORE – Singapore plans to raise at least $1.8 billion by reopening its 50-year green bond, adding to its financial firepower to combat climate change.
The Monetary Authority of Singapore has tapped Citigroup, DBS Group Holdings, Oversea-Chinese Banking Corporation, Standard Chartered and United Overseas Bank to conduct the transaction, which is expected to be kicked off this week, according to sources familiar with the matter who asked not to be identified because they are not authorised to speak about it.
The city-state joins Hong Kong and countries such as Germany and Italy to sell green bonds this year, pushing global issuance by sovereigns and companies in that segment to nearly US$340 billion (S$460.5 billion) so far in 2023, up 17 per cent on the year, Bloomberg-compiled data show.
Singapore’s planned offering is part of a bid, announced last year, to raise as much as $35 billion of environment-focused financing by 2030.
Although the initial tap announcement on Tuesday did not spell out exactly how any money raised would be spent, the proceeds of Singapore’s offering last year were earmarked for expanding public transport.
Singapore’s green bond framework says funds can be used for projects including improving energy efficiency, preventing pollution or natural resource management. BLOOMBERG
