BAKU, Azerbaijan, March 27. 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, Trend 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.
