Sumitomo Forestry issues first ever green convertible bond
Sumitomo Forestry, the Japanese forestry company that specialises in housing, became the first ever issuer of a green convertible bond this week, pricing a ¥10bn ($90m) five year zero coupon note.
The deal was well received by investors and could prompt more issuers to look into this newly emerged niche in green capital markets. Daiwa Capital Markets was bookrunner, Nomura and SMBC co-leads.Sumitomo Forestry is no stranger to the equity-linked market. In 2013, it sold a ¥20.5bn ($202m) ...
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