/ Vigeo Eiris & imug, second-party opinion for the City of Hanover, Capital of Lower Saxony, Germany.
Company & Organisation News - 16/05/2018
Vigeo Eiris & imug, second-party opinion for the City of Hanover, Capital of Lower Saxony, Germany.
As the first City of Germany, Hanover issued its first Green & Social Schuldschein. This 100 Mio. € operation, arranged by Deutsche Bank and NORD/LB, will finance the energy-oriented modernization of buildings, as well as the accommodations of refugees and homeless people in Hanover.
With a maturity of 30 years and a coupon of 1.56 %, the issuance received a high level of demand from investors. The books were closed early and the emission was oversubscribed more than twice. Investors have been mostly bigger insurance companies and banks.
With this Green & Social Schuldschein, the City of Hanover undertakes to pursue its commitment to reduce its CO2 emissions and energy use till 2050 by 90% in comparison to 1995 by financing the modernization of buildings, as well as its commitment to foster the integration of refugees into society by providing not only accommodations but also guidance and help for the start into their lives in Hanover.
Within the issuance, imug evaluated and provided – under supervision of Vigeo Eiris – the first second party opinion in German on the environmental and social purposes and the contribution to sustainable development of the Schuldschein, aligned with the Green & Social Bond Principles.