2 Nov 2017

Fiji Green Bond attracts keen interest

4:45 pm on 2 November 2017

Fiji says it's had overwhelming interest in its new Green Bond which is aimed at raising funds to help the country adapt to climate change.

Fiji flag

Fiji flag Photo: RNZ

The first bond issuance was announced yesterday.

The government plans to eventually raise $FJ100 million (US$48 m) through the sovereign bonds.

It said the first tranche of $FJ40 million (US$19.3) was oversubscribed by more than double that amount

It said it was the first time Fiji has received international investment in a Fijian dollar denominated bond.

The government said FJ$20 million for each of the five-year and 13-year tenor was accepted, with coupon rates of 4.00 percent and 6.30 percent per annum, respectively.

A total of FJ$13.27 million was allotted to the local banks.

Other local investors included insurance companies, the Fiji National Provident Fund, and the Unit Trust of Fiji, among others.

The government said there would be subsequent issues in the coming months.