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Munich Re issues green bond
For the first time in its corporate history, Munich Re has issued a green subordinated bond. The issue volume is € 1.25 billion. With the bond, Munich Re is underlining its will to use the capital markets for a climate-friendly transformation of the economy.
The collected capital is used to finance or refinance suitable projects as defined in Munich Re's “Green Bond Framework”. These include equity and debt capital investments in renewable energies, energy efficiency, sustainable transport, green buildings, sustainable water (management), eco-efficient economy and / or circular economy, as well as sustainable management of resources and land. Munich Re's “Green Bond Framework” corresponds to the Green Bond Principles 2018 of the International Capital Market Association (ICMA).
Munich Re is strengthening its capital base with a view to current growth opportunities that are currently available in many reinsurance markets. Subordinated bonds are also an important capital management instrument at Munich Re, which also includes the possible termination and repayment of outstanding subordinated bonds in 2021 and 2022.
The bond has a coupon of 1.25% and a term until 2041.
Munich Re is committed to the goals of the Paris Climate Conference and aligns its own capital investments with them. ESG criteria are systematically integrated into the investment process. Munich Re is also making targeted investments in climate-friendly technologies. Munich Re has currently invested around € 1.6 billion in renewable energies; this sum is to be increased continuously to up to € 2.8 billion over the next few years. By joining the Net-Zero Asset Owner Alliance, Munich Re has committed itself to making its entire investment portfolio greenhouse gas-neutral by 2050.
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