UPDATE: Huge demand from both institutional and individual investors leads to MTA upsizing green bond from $500m to $782.52m
This is an update to Dina Medland's Feb. 18 article, Largest US certified green bond issued – by New York’s Metropolitan Transportation Authority (MTA) - Dina Medland
There’s nothing like calling a wave before riding it. New York's Metropolitan Transportation Authority (MTA) might be stunned by its leadership. Having planned an inaugural green bond for $500m, it found a whirlwind of interest from institutional as well as individual investors – you and me – taking the certified green bond to $782.52m.
This makes it the largest green bond ever certified by the Climate Bonds Initiative, with the next in-line being ABN AMRO (EUR500m ($564m)).
A large slice - $250m in total – of MTA’s green bond was bought by retail investors, following a marketing campaign (see story below). Two high net-worth retail orders of $5 million were identified as specifically seeking a green certified bond, according to MTA communications.
Dina Medland is an independent writer, editor and commentator with a strong focus on issues around corporate governance, ethics, the workings of the boardroom and sustainable business. She is on the team of contributors to @ForbesEurope and is an ex-Financial Times staff member who has been a regular contributor in recent years. Further details about her background and a portfolio of work – including her commercially sponsored blog ‘Board Talk’ are available on her website http://www.dinamedland.com