| PUB Raises SGD800 Million in Inaugural Green Bond Issuance | 350 | https://www.pub.gov.sg/news/pressreleases/2022PR14 | PUB Raises SGD800 Million in Inaugural Green Bond Issuance | 1/9/2022 4:00:00 PM | | | Issue Date | Overview | | | | | | | | | | | | | | | | | | | | <div align="center" style="line-height:30px;font-size:20px;">
<b>PUB Raises SGD800 Million in Inaugural Green Bond Issuance</b><br>Proceeds from green bonds issued will finance projects to strengthen Singapore’s water security and sustainability<br><br><br></div><div><b style="line-height:30px;font-size:18px;">Singapore, 2 September 2022</b><span style="line-height:30px;font-size:18px;"> – PUB, Singapore’s National Water Agency has raised S$800 million through the issuance of its inaugural green bonds, marking a significant milestone in PUB’s long-term efforts to ensure a resilient and sustainable water supply amidst the challenges of climate change.</span><br><br></div><div style="width:4%;float:left;">
<span style="line-height:30px;font-size:18px;">2.</span> </div><div style="width:96%;float:left;">
<span style="line-height:30px;font-size:18px;">The 30-year Fixed Rate Green Notes received strong interest from investors and were about two times subscribed. The Notes, which have a coupon of 3.433% per annum payable semi-annually, were issued on 31 August 2022 and will mature on 30 August 2052. Net proceeds of the Notes will be used to fund planned and future eligible green projects under PUB’s Green Financing Framework<sup>1</sup> , such as deployment of floating solar photovoltaic (PV) panels on our reservoirs to harness renewable energy and implementing decarbonisation solutions in our water plants.</span><br><br></div><div><hr /><span style="line-height:30px;font-size:14px;"><sup>1</sup><i>PUB established its Green Financing Framework to advance sustainable development and climate action. Read more on PUB’s Green Financing Framework at
<a href="https://www.pub.gov.sg/sustainability/green-financing-framework">https://www.pub.gov.sg/sustainability/green-financing-framework</a></i></span><br><br><br></div>
<span style="line-height:30px;font-size:18px;"><b>PUB's commitment to develop a greener water system</b></span><br><br>
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<span style="line-height:30px;font-size:18px;">3.</span> </div><div style="width:96%;float:left;">
<span style="line-height:30px;font-size:18px;">With climate change and projected increase in future water demand, there is greater imperative to ensure our water system remains resilient and sustainable, while ensuring that we manage our resources efficiently and mitigate our impact to the environment. Today, PUB is actively pursuing initiatives on several fronts to reduce our carbon and waste footprint. For example, we are investing in technologies such as biomimetic membranes that can reduce the energy required for the desalination process, and Carbon Capture, Utilisation and Storage (CCUS) and removal technologies to remove carbon from our water treatment processes and the environment.</span><br></div>
<div style="width:4%;float:left;"><span style="line-height:30px;font-size:18px;">4.</span></div><div style="width:96%;float:left;">
<span style="line-height:30px;font-size:18px;">Goh Si Hou, Chief Executive of PUB said, "Water resilience and sustainable development have always been integral to PUB’s mission. Our development projects are carefully planned, incorporating the considerations to ensure water resilience and environmental protection. Going forward, we are pioneering efforts to reduce carbon emissions from our operations through research and innovation, as well as adopting emerging technologies and new operating models. The issuance of green bonds will accelerate PUB’s goal of achieving a greener water system, and underscores our commitment to contribute to a sustainable future for Singapore."</span><br><br></div><div style="width:4%;float:left;">
<span style="line-height:30px;font-size:18px;">5.</span> </div><div style="width:96%;float:left;">
<span style="line-height:30px;font-size:18px;">Clifford Lee, Global Head of Fixed Income, DBS said, "PUB's inaugural green bond further paves the way to build on the momentum of Singapore's burgeoning green financing market. The strong reception proves healthy demand for sustainability-linked bond issuances from high-grade issuers out of Singapore. This is another important step towards the country’s ambitions of becoming the green finance capital of the region, pressing ahead with the transition of our economy to net zero by mid-century."</span><br><br></div><div style="width:4%;float:left;">
<span style="line-height:30px;font-size:18px;">6.</span> </div><div style="width:96%;float:left;">
<span style="line-height:30px;font-size:18px;">Edmund Leong, Head of Group Investment Banking, UOB, said, "This 30-year green bond drew robust demand from institutional investors, allowing PUB to price S$800 million in benchmark size. Against the backdrop of volatile interest rates, underpinned by both inflation and recession fears, PUB was still able to extend its maturity profile into the 30-year tenor. This reflects fixed income investors’ preference for high quality assets, and it is testament to PUB’s credit standing in the bond market."</span><br><br></div><div style="width:4%;float:left;">
<span style="line-height:30px;font-size:18px;">7.</span> </div><div style="width:96%;float:left;">
<span style="line-height:30px;font-size:18px;">DBS Bank Ltd and United Overseas Bank Limited (UOB) were the joint lead managers and book runners for PUB’s inaugural green bond issuance.</span><br><br></div>
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<b>About PUB, Singapore’s National Water Agency,</b><br><br></div><div style="line-height:30px;font-size:18px;">PUB is a statutory board under the Ministry of Sustainability and the Environment (MSE). It is the national water agency, which manages Singapore’s water supply, water catchment, and used water in an integrated way. From April 2020, PUB also took on the responsibility of protecting Singapore’s coastline from sea-level rise as the national coastal protection agency.<br><br>PUB has ensured a diversified and sustainable supply of water for Singapore with the Four National Taps (local catchment water, imported water, NEWater, desalinated water). PUB leads and coordinates whole-of-government efforts to protect Singapore from the threat of rising seas and the holistic management of inland and coastal flood risks.<br><br>PUB calls on everyone to play a part in conserving water, in keeping our waterways clean, and in caring for Singapore’s precious water resources. If we all do our little bit, there will be enough water for all our needs – for commerce and industry, for living, for life.<br><br></div><div style="line-height:30px;font-size:18px;">
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