June 28, 2019 - Assignment

Vattenfall issues its first green bond under Swedish law EMTN program

Vattenfall has on 24 June 2019 issued its first green bond in the amount of EUR 500 million, which has been listed on Nasdaq Stockholm's Sustainable Bond Market. The bond is the largest green bond to be listed at Nasdaq Stockholm.

The bond is the first to be issued under Vattenfall's Swedish law governed EUR 10,000,000,000 Euro Medium Term Note program, which is also the first EMTN program under Swedish law. The proceeds from the bond issue are earmarked for green investments in accordance with Vattenfall's recently adopted green bond framework, which has been given the highest rating, "Dark Green", by the analytics company Cicero.

Investor appetite for the bond was great and the bond was oversubscribed just a couple of hours after the order book was opened.

"We are proud to have worked with Vattenfall on this ground-breaking issue," says André Andersson, Head of Banking & Finance at Mannheimer Swartling. "And we are particularly happy that international investors seem to realise that Swedish law works equally well for the issuance of sophisticated financial instruments on the European debt market."

Vattenfall is a leading European energy company with approximately 20,000 employees and has operations mainly in Sweden, Germany, the Netherlands, Denmark, the UK and Finland. Vattenfall is owned by the Swedish government.

Vattenfall was advised by Mannheimer Swartling in connection with the issuance and the listing of the bond.

Below are links to interviews about the bond issue.

Interview – Vattenfall

Interview – Mannheimer Swartling