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Building Sustainable Future

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In April 2019, NDB registered its debut ZAR bond Programme in South Africa. The Programme with the maximum size of ZAR 10 billion and unlimited validity is listed on Johannesburg Stock Exchange (JSE) and governed by the laws of South Africa. Bonds issued under the Programme will constitute unsecured obligations of NDB, ranking equally with all of the Bank’s other unsecured and unsubordinated obligations. Standard Bank of South Africa acts as a lead-arranger for the Programme and Absa Bank is a co-arranger.

Size ZAR 10bn
Validity of the Programme Unlimited
Issuer Rating AA+ (S&P and Fitch) | AAA (JCR)
Instrument Senior Unsecured
Listing Johannesburg Stock Exchange (JSE)
Governing Law Laws of South Africa
Lead-Arranger Standard Bank of South Africa
Co-Arranger Absa Bank
Dealers Absa Bank, Nedbank, FirstRand Bank, Standard Bank of South Africa
JSE Debt Sponsor Standard Bank of South Africa
Coupon Fixed or Floating Rate

In April 2019, NDB established its debut ECP Programme for liquidity management purposes. The Programme with the maximum size of USD 2 billion is established under the Regulation S of the United States Securities Act of 1933, as amended. Commercial papers issued under the Programme will be governed by English law and will constitute direct, unsecured obligations of the NDB, ranking equally with all of the Bank’s other unsecured and unsubordinated obligations. The ECP Programme is rated “A-1+” by S&P Global Ratings and “F1+” by Fitch Ratings.

Size US$ 2bn
CP Rating A-1+ and F1+ (S&P and Fitch)
Format Regulation S of the United States Securities Act of 1933, as amended
Governing Law English law
Arranger Citigroup
Dealers Citigroup, Barclays, Goldman Sachs
Issue and Paying Agent Citibank
Form of the Notes Global Notes
Clearing Euroclear and Clearstream

On January 9, 2019, the NDB has successfully registered a CNY 10 billion Bond Programme. The NDB has been granted approval to raise up to CNY 10 billion in the China Interbank Bond Market within 2 years of the Programme registration date.

It is the first CNY Bond Programme established according to the Interim Measures for the Administration of Bond Issuance by Overseas Institutions in the National Interbank Bond Market under the announcement of the People’s Bank of China and Ministry of Finance [2018] No.16 issued on September 25, 2018.

On February 25, 2019, the NDB successfully placed its debut CNY 3 billion bond in the China Interbank Bond Market under the Programme registered on January 9, 2019.

It was the second bond placement of the NDB in China. The bond was placed in two tranches with maturities of 3 years (CNY 2bn) and 5 years (CNY 1bn) and it was priced at the lower end of announced pricing range with coupon rates of 3% and 3.32% respectively.

The bond was more than 3 times oversubscribed with more than 20 orders from domestic state-owned, joint-venture and rural banks, fund companies, securities companies, foreign banks and sovereign funds. The orders were balanced from onshore and offshore investors. For tranche-1 (3-year bond), China Mainland represented 56% of investors, Europe – 21%, Singapore – 8%, Macau SAR – 8% and HK SAR – 7%, while for tranche-2 (5-year bond) China Mainland represented 57% of investors, Europe – 20%, HK SAR – 18% and Japan – 5%.

The NDB became the first international financial institution to issue CNY Bond under the Interim Measures for the Administration of Bonds Issued by Overseas Issuers on the National Interbank Bond Market announced by People’s Bank of China and China’s Ministry of Finance [2018] No. 16 (the Measures) issued on September 25, 2018.


Key parameters of the Bond
Issuer Rating AA+ (S&P and Fitch) | AAA (CCXI and China Lianhe)
Instrument Senior Unsecured
Listing China Interbank Bond Market
Pricing February 25th, 2019
Settlement February 26th, 2019
Governing Law PRC Law
Joint Lead Underwriters Industrial and Commercial Bank of China Ltd., Bank of China Ltd., Agricultural Bank of China Ltd., China Construction Bank Ltd.
Tenor 3-year 5-year
Maturity February 26th, 2022 February 26th, 2024
Amount CNY 2bn CNY 1bn
Coupon 3.00% 3.32%
Geographic distribution of 3-year tranche
Geographic distribution of 5-year tranche

In July 2016, the NDB successfully issued its first bond in China for an amount of CNY 3 billion (USD 450mn) and a tenor of 5 years.

It was the first time that an international financial institution issued a green financial bond in the China Interbank Bond Market and it was also the first time for the NDB to tap the capital market.

The total subscription amount of the NDB’s first bond reached more than CNY 9 billion and the cover ratio reached 3.1. More than 30 investors participated in the bond book building.

The proceeds of the bond are used for infrastructure and sustainable development projects in the NDB member countries.

Ernst & Young Hua Ming LLP has undertaken independent assurance verification of the bond in accordance with the Green Bond Principles published by International Capital Market Association (ICMA) and the Green Bond regulations in China.

During the duration of the bond, the NDB discloses the information on the use of proceeds on a quarterly and annual basis on the http://www.chinamoney.com.cn/chinese/index.html and http://www.shclearing.com/ which is designated by the People’s Bank of China.


Key parameters of the Bond
Issuer Rating AAA (CCXI and China Lianhe)
Instrument Senior Unsecured Green Financial Bond
Listing China Interbank Bond Market
Pricing July 13th, 2016
Settlement July 19th, 2016
Tenor 5-year
Maturity July 19th, 2021
Amount CNY 3bn
Coupon 3.07%
Governing Law PRC Law
Joint Lead Underwriters Bank of China Ltd., Industrial and Commercial Bank of China Ltd., China Construction Bank Ltd., China Development Bank Corporation, HSBC Bank (China) Co., Ltd. and Standard Chartered Bank (China) Ltd.
Selected Projects for the Use of Proceeds from the inaugural Green Bond
Lingang Distributed Solar Power Project in Shanghai, China

  • 100 MW solar rooftop PV and avoided 73,000t CO2/year

Putian Pinghai Bay Offshore Wind Power Project in Fujian, China

  • 700 MW offshore wind power and avoided 869,900t CO2/year
Renewable Energy Projects and Associated Transmission in Brazil

  • 600 MW renewable energy and avoided 1,000,000t CO2/year

Petrobras Environmental Protection Project in Brazil

  • harmful emissions significantly reduced, water and soil contamination avoided
Hydroelectric Power Project in Karelia, Russia

  • 50 MW renewable energy and avoided 48,000t CO2/year

2019 ZAR BOND PROGRAMME
Download Memorandum
2019 Renminbi Bond (Series 1) (Bond Connect)
Download Prospectus (EN) Download Prospectus (CN)
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