A group of Japanese life insurance companies have invested in a new bond issued by the World Bank aimed at supporting a holistic approach to climate action.
The eight-year, AUS $516m bond has a coupon due 26 April 2030. The Japanese insurers are Asahi Mutual Life Insurance Company, The Dai-ichi Life Insurance Company, Limited, Fukoku Mutual Life Insurance Company, Meiji Yasuda Life Insurance Company, and Sumitomo Life Insurance Company.
Jorge Familiar, vice president and treasurer at the World Bank, said, “Investors have been increasingly integrating Environmental, Social and Governance criteria in all their investment decisions. They are looking for products that take a holistic approach to tackling climate change and social challenges to support a more sustainable future.”
The World Bank said in a statement that the transaction built on IBRD’s September 2021 Green Bond issuance, by also bringing together Japanese life insurance companies to invest in bonds that demonstrate their collective support for the urgency of climate action.
Familiar added: “We are grateful to Japanese life insurance companies for coming together to show their support the World Bank’s efforts to mainstream climate action in developing countries and thank them for their investment.”
The underwriting firm for the transaction was Citigroup Global Markets, with its Japanese division as the bond arranger.
