Zurich Germany exhibits its commitment to invest responsibly in the purchase of Euro 100m of securities issued by federate state (Bundesland) of North Rhine-Westphalia, Federal Republic of Germany.
The maturity term of these securities is 30 years, in line with Zurich’s asset liability matching investment strategy.
The securities are promissory notes in the “sustainability” format. The proceeds of sustainable debt instruments will be used for funding projects and initiatives of the federate state of North Rhine-Westphalia with clear environmental and/or social benefits, belonging to the following categories: education and sustainability research, inclusion and social co¬herence, public transport and local mobility, climate protection and energy transition, protection of natural resources, sustainable urban development and modernisation of educational and public health facilities.
The securities are a good example of the application of the use-of-proceeds concept to a broader sustainability theme. It is aligned with the green bond principles guidance for issuers of social bonds and provides excellent transparency.
Michael Leinwand, Chief Investment Officer of Zurich Germany has commented: “North Rhine-Westphalia’s sustainability securities program has set a benchmark for transparency and process in the green and social bond space. We are very proud to support North Rhine-Westphalia’s impressive sustainability strategy through this transaction.”
Further details are available on the website of the State of North Rhine-Westphalia:
General information: http://www.sustainability-bond.nrw.de