NAB’s RMBS to offer direct green/non-green price comparison

Sydney Australia flats housing by harbour from Adobe 230x150
By Jon Hay
23 Jan 2018

The forthcoming mortgage securitization by National Australia Bank, which includes a green tranche, will be one of the first times any issuer has issued green and normal bonds at the same time that are identical in almost every other way. As such, it will offer a rare insight into pricing.

Green bonds ought logically to be priced more tightly than normal bonds, since they offer extra, non-monetary value to investors, and carry no more risk. For years there has been evidence of this happening but market participants were reluctant to admit it, afraid of putting investors off.

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