EBRD invests in Estonia's covered bond market, supporting green projects
The European Bank for Reconstruction and Development (EBRD) has invested 20 million euros in Coop Pank’s inaugural covered bond, marking the bank’s first large-scale capital market issuance, Azernews reports.
Listed on the Dublin Stock Exchange, this bond also represents EBRD’s first transaction with Coop Pank, Estonia’s fifth-largest bank.
The investment aims to support the development of Estonia's covered bond market and assist Coop Pank in optimising its balance sheet. All proceeds from the investment will be allocated to finance green projects in line with the EBRD’s Green Economy Transition criteria, promoting green lending in Estonia.
This move highlights the EBRD's continued efforts to strengthen capital markets in the Baltic states, with Coop Pank's CFO noting the 4.7x oversubscription of the issue as a sign of increasing confidence in private-sector investment amidst global uncertainty.
To date, the EBRD has invested 1.2 billion euros in Estonia across 123 projects.
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