Standard Chartered has rolled out its first ESG structured note out of Taiwan, the latest addition to its suite of sustainable finance solutions.
The US$40 million Formosa note, issued under the bank’s note, certificate and warrant programme, has a 10-year tenor and is callable after three years by the issuer. E.SUN Bank is co-manager on this transaction.
The issuance follows a number of other sustainable finance innovations that Standard Chartered has introduced over the last few months, including a sustainable fiduciary deposit offering in the United Kingdom, a landmark ESG Islamic repo transaction with a Malaysian bank, and its first sustainable export letter of credit programme.
“We are committed to finding innovative ways of mobilizing capital to help address ESG development challenges in the emerging markets where we operate,” says Marisa Drew, chief sustainability officer at Standard Chartered. “This landmark structure does that in an investor-friendly way by providing access to impactful sustainable finance assets.”
Amit Puri, the bank’s global head of sustainable finance, adds: “Only a very small number of sustainability bonds have been issued to support emerging markets in their transition to a low-carbon future. Yet it is these very countries that will have a major impact on the world’s ability to meet climate targets. I am really proud to add ESG Formosa notes to our world-leading suite of sustainable finance products.”