The EU sold its first green bond to record demand on Tuesday, taking its first step to potentially become the biggest issuer of environmentally friendly debt.
Thirty percent of the EU’s estimated €800bn Covid-19 recovery scheme, which gives grants and loans to member states until end-2026, will fund environmentally beneficial projects. Bram Bos, lead portfolio manager for green bonds at NN Investment Partners, said the scale of issuance from the EU would increase the liquidity of the green bond market significantly.
EU budget commissioner Johannes Hahn estimated that the bond priced with a “greenium” of 2.5 basis points. Greenium refers to the slightly lower yield these bonds pay relative to conventional peers given a dedicated investor base chasing a limited pool of assets.
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