Green Gilts

Green gilt issuance

 

 

At his ‘Future of the UK Financial Services Sector’ speech in Parliament on 9 November 2020, the Chancellor of the Exchequer announced that: "to meet growing investor demand, the UK will, subject to market conditions, issue our first ever Sovereign Green Bond next year [2021]. This will be the first in a series of new issuances, as we look to build out a "green curve" over the coming years, to help fund projects to tackle climate change, finance much-needed infrastructure investment, and create jobs across the country". It was announced at the Budget on 3 March 2021 that the government planned to issue its first sovereign green bond – or green gilt – in summer 2021, with a further issuance to follow later in 2021 as the UK looked to build out a "green yield curve".


The UK Government’s Green Financing Framework was published on 30 June 2021. The Framework details the types of expenditures that will be financed by green gilt issuance to help meet the government's green objectives, and also commits the government to reporting on the social co-benefits, such as job creation, arising from these expenditures.


The inaugural 12-year green gilt was launched via syndication on Tuesday 21 September 2021. A second green gilt (a new 32-year maturity) was launched on Thursday 21 October 2021, also via syndication. Green gilt issuance for the financial year 2021-22 raised a total of £16.1 billion (cash).


Green gilt issuance of £10.0 billion (cash) is planned in 2022-23. It is currently expected that one green gilt transaction will be scheduled each quarter, with sales focussing on re-openings of existing medium and long maturities. In accordance with this approach, 0?% Green Gilt 2033 was re-opened for the first time on 10 May 2022 via auction, raising £2.0 billion (cash).

 

 

 

Title Date Published

Result of the Sale By Auction of £2,250 million of 0⅞% Green Gilt 2033

10 May 2022

Auction of £2,250 million of 0⅞% Green Gilt 2033

3 May 2022

Auction of £2,250 million of 0⅞% Green Gilt 2033 - Prospectus

3 May 2022

Syndicated Offering of £6,000 million of 1½% Green Gilt 2053 – Final Offering Circular

21 Oct 2021

Syndicated Offering of £6,000 million of 1½% Green Gilt 2053 – Preliminary Offering Circular

21 Oct 2021

Syndicated launch of £6.0 billion of 1½% Green Gilt 2053: Result

21 Oct 2021

DMO Screen Announcement on behalf of HM Treasury: Publication of the UK Government’s Net Zero Strategy, Net Zero Review and related documents

19 Oct 2021
Green gilts investor presentation – October 2021 update 14 Oct 2021
Forthcoming Syndication of 1½% Green Gilt 2053 12 Oct 2021

Syndicated launch of a new green gilt maturing on 31 July 2053 in the week commencing 18 October 2021: Appointment of syndicate 

8 Oct 2021

Syndicated launch of a new green gilt maturing on 31 July 2053 in the week commencing 18 October 2021

1 Oct 2021 

Syndicated Offering of £10,000 million of 0⅞% Green Gilt 2033 – Final Offering Circular

21 Sep 2021 

 
Syndicated Offering of £10,000 million of 0⅞% Green Gilt 2033 – Preliminary Offering Circular

 21 Sep 2021

Syndicated launch of £10.0 billion of 0⅞% Green Gilt 2033: Result

21 Sep 2021

Green gilt investor presentation - updated (final term sheet)

 21 Sep 2021

Forthcoming Syndication of 0⅞% Green Gilt 2033

 14 Sep 2021
Green gilt investor presentation  13 Sep 2021
UK Government inaugural green gilt – global investor call hosted by HM Treasury and the UK Debt Management Office 9 Sep 2021
Syndicated launch of the inaugural green gilt maturing on 31 July 2033 in the week commencing 20 September 2021: Appointment of Syndicate 3 Sep 2021
Syndicated launch of the inaugural green gilt maturing on 31 July 2033 in the week commencing 20 September 2021 27 Aug 2021
UK government green financing framework – investor presentation  2 Jul 2021
Pre-issuance impact report on the UK government green financing framework (by Carbon Trust) 30 Jun 2021
Second party opinion on the UK government green financing framework (by V.E) 30 Jun 2021
UK government green financing framework 30 Jun 2021

UK government green financing framework – framework publication & global investor call

30 Jun 2021
Calendar of gilt operations in July-September 2021 28 May 2021
UK Government’s stakeholder discussion forum on its plans for issuance of green gilts and a retail green savings product 4 May 2021
UK Government’s planned issuance of green gilts and green retail savings bonds: external appointments 19 Apr 2021
DMO screen announcement on behalf of HM Treasury – UK Government’s planned issue of a green gilt: Appointment of legal adviser 4 Mar 2021
Budget 2021 : Debt Management Report 2021-22 3 Mar 2021
Budget 2021 : DMO Financing Remit 2021-22 3 Mar 2021
Budget 2021 : Document (page 63) 3 Mar 2021
UK Government's planned issuance of a green gilt : Appointment of structuring advisors 27 Jan 2021
UK Government announces its intention to issue its first sovereign green bond in 2021 9 Nov 2020