Amounts in thousands of EUR | 2022 | 2021 |
|---|---|---|
Subordinated Tier 2 instruments: |
|
|
Subordinated Green Bond (institutional investors) | 248,336 | 247,930 |
Interest payable | 5,073 | 866 |
Balance sheet value as at 31 December | 253,409 | 248,796 |
In 2021 Triodos Bank realised a successful placement of a subordinated Green Bond. The Green Bond has a nominal value of EUR 250 million, a tenor of 10.25 years, and a coupon of 2.25% for the first five and a quarter years after which there is an option to early redeem the bond. If the bond is not early redeemed, the interest rate is reset to maturity at 2.4% above the annual Euro mid swap rate. The Green Bond has been placed below nominal value at 99.497%. The placement of the Green Bond results in an increase of the Tier 2 Capital which is a diversification of the Total Capital of Triodos Bank.
The Green Bond has been issued taking into account the ICMA Green Bond Principles, Climate Bond Initiative Standards and the EU Taxonomy recommendations. It has been assessed by a Second Party Opinion as best market practice on all components. This confirms Triodos Bank’s ambition to ‘change finance, by financing change’ and underlines its position as frontrunner in sustainable banking.
The movement of the subordinated Green Bond issued is as follows:
Amounts in thousands of EUR | 2022 | 2021 |
|---|---|---|
Balance sheet value as at 1 January | 248,796 | - |
Issuance | - | 247,868 |
Amortisation | 406 | 62 |
Interest payable | 4,207 | 866 |
Balance sheet value as at 31 December | 253,409 | 248,796 |