The proposed project is to invest up to US$160 million equivalent (in RON and/or EUR) for IFC’s own account in Minimum Requirement for Own Funds and Eligible Liabilities (MREL) eligible bonds (senior preferred, SP, and senior non-preferred, SNP) with up to 7 years tenor to be issued by Raiffeisen Bank S.A. (RBRO or the Bank), in line with its funding plan. It is expected that these bonds will be issued under RBRO's green bond framework and will be the first green bonds issued by a financial institution in the country, with use of proceeds earmarked for climate finance, including green mortgages and buildings, energy efficiency, renewable energy, sustainable agri-finance, and clean transport.
The project is expected to:
i) Help the country achieve its climate change mitigation targets by supporting the first green bond issuance by a financial institution in the country. The entire proceeds from the bond issuance will be used for financing eligible climate finance projects in Romania.
ii) Support the development of capital markets in the country by deepening and diversifying Romania's corporate bond market. Successful issuance of MREL-eligible bonds is expected to encourage other banks, as well as investors, and help develop the market for MREL instruments.
iii) Increase the resilience of the Romanian banking sector by supporting a systemic bank and helping it achieve its MREL-targets.
Raiffeisen Bank S.A.
Director of Balance Sheet and Portfolio Management
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