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- EBRD invests €20 million in first covered bond issued by Coop Pank
- Investment to support green financing in Estonia
- Transaction strengthens rollout of new instrument and development of Estonia’s debt capital market
The European Bank for Reconstruction and Development (EBRD) is supporting the development of Estonia’s capital markets by investing €20 million in an inaugural covered bond issued by Coop Pank, Estonia’s fifth-largest bank.
The bond, listed on the Dublin Stock Exchange, represents Coop Pank’s debut in large-scale capital market issuances.
It also marks the EBRD’s first transaction with Coop Pank, a 100 per cent domestically owned bank that operates exclusively in Estonia. The investment will support the development of Estonia’s nascent covered bond market and help Coop Pank to optimise its balance sheet.
Coop Pank has committed to allocating 100 per cent of the proceeds from the EBRD investment to finance green projects that align with the EBRD’s Green Economy Transition criteria. This will promote green lending to Estonia’s real economy, supporting the country’s green economy transition.
Tomas Kairys, EBRD Head of the Baltic States, said: “We are proud to participate in Coop Pank’s landmark issuance and support a new local partner in accessing capital markets amid geopolitical and macroeconomic uncertainty. Strengthening capital markets is a key priority for the EBRD in the Baltic states, and we look forward to Coop Pank’s future issuances.”
Coop Pank’s CFO, Paavo Truu, added: “The covered bond issuance marks Coop Pank’s debut on the international debt capital markets. In light of global economic uncertainty and geopolitical tensions, EBRD’s support was crucial in boosting private-sector confidence, resulting in a 4.7x oversubscription of the issue. Each new participant and every successful issuance contributes to the development of the Baltic capital markets, encouraging Coop Pank and other potential issuers to increasingly use capital market instruments as part of their funding strategies.”
The EBRD is a leading institutional investor in Estonia. To date, the Bank has invested €1.2 billion in the country through 123 projects.