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Sunday 25.03.2018 | Name days: Māra, Marita, Mārīte

Latvenergo emits green bonds worth EUR 25 million

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUOn Thursday, 14 April, Latvenero emitted the first series of green bonds with a nominal value of EUR 25 million with maturity date 10 June 2022, fixed annual interest rate of 1.9%, profitability of 1.3107% and bond emission price of EUR 1,050,658.

Moody’s has affirmed a Baa2/stable credit rating to these bonds. Release of bonds was realized on 7 April. Total demand for bonds had reached EUR 146.1 million at the end of the emission period, thereby exceeding the planned emission volume 5.8 times. Considering the high degree of investor interest, the initial lower and upper limit of initial risk-yield pricing was reduced by 0.10 percentage points. At the end of the emission period, the pricing had been fixated at the lowest rate of 1.2%. Bond procurement orders were received from 21 investors, including asset management funds, insurance associations and banks in Latvia, Lithuania, Estonia, France, Austria and Finland.

The release of bonds was carried out as part of Latvenergo’s second bond offer programme worth EUR 100 million. After the bonds enter the market, they will be added and formed into a single series with bonds released on 10 June 2015 (worth EUR 75 million). These bonds will be given ISIN code LV0000801777.

«In order to make certain release of bonds is carried out successfully, a beneficial situation on financial markets and ambition to create a better offer are needed. In Latvenergo’s case, that better offer consisted of green bonds. We were one of the first to release them in Eastern Europe. I am happy about the work we have done – record-high investors’ interest and low end yield of bonds is proof of our successful work and investors’ interest to invest in green projects,» – comments Latvenergo financial director Guntars Balcuns.

Finances acquired thanks to the emission of bonds will be diverted to Latvenergo concern in full or partially to finance green projects in production, distribution and transmission network assets in accordance with Latvenergo’s plans.


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