OPEC growth fund raises $1bln with first ever bond

LONDON – The OPEC Fund for Worldwide Growth, a growth establishment established by the Group of the Petroleum Exporting International locations practically 50 years in the past, has raised $1 billion by promoting its first ever bond.

With the cash earmarked for meals safety, healthcare, infrastructure, schooling, employment and renewable power initiatives, the three-year bond which pays buyers an rate of interest of 4.5%, may even be classed as a ‘sustainable growth’ bond.

It’s a label that has a rising enchantment for buyers more and more wanting to make use of their assets in additional environmentally and socially-beneficial methods.

The OPEC Fund stated central banks and different varieties of “official” establishments accounted for 62% of the bond’s consumers. Banks made up 19%, with asset managers and insurance coverage and pension funds accounting for nearly all the remainder.

Geographically, it stated that simply over half of the consumers had been from the Europe, Center East and Africa area, 27% from Asia-Pacific and 21% from North America.

(Reporting by Marc Jones Enhancing by Tomasz Janowski)