World Bank Group member IFC’s launch of the first New Zealand dollar green Kauri bond is special for a number of reasons, none more than its environmental profit orientation, said the lead lawyer involved in the issue.
IFC launched the NZ$125 million green Kauri bond, with a yield of 3.865%, in late July to finance private sector investments addressing climate change in emerging markets.
The Kauri bond, named after a native New Zealand tree, is a bond denominated in New Zealand dollars that is issued by a foreign issuer. Ross Pennington, a partner at Chapman Tripp in Auckland, said the issue itself was straightforward for his five-member team.
