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 ($460.50 billion) so far in 2023, up 17% 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 Aug 22 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.
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The note maturing in August 2072 traded above par at about 101 Singapore cents as on 12.49pm in Singapore, according to indicative prices compiled by Bloomberg. That is down from nearly 125 cents in May but up versus its offering price of 98.976 cents.
