Dai-chi Life Insurance Company and Meiji Yasuda Life Insurance Company have purchased the Asian Development Bank’s (ADB) debut blue bonds.
The bank sold the bonds through private placements. Dai-chi bought A$208m of 15-year paper, while Meiji Yasuda took NZ$217m of 10-year notes. Further terms were not disclosed.
Proceeds will finance ocean-related projects in Asia and the Pacific as part of ADB’s Action Plan for Healthy Oceans and Sustainable Blue Economies, which aims to foster sustainable investment in the region by investing and providing technical assistance to the tune of at least $5bn by 2024.
Eligible projects include the conservation and restoration of ecosystems including coral reefs, mangroves and river embankments; sustainable fisheries management and aquaculture; pollution control; greening ports and shipping; and marine renewables such as offshore wind, tidal, wave and ocean thermal energy.
The bonds have a Second Party Opini…