Brazil pulls the trigger on its first sovereign green bond: Brazil has raised USD 2 bn from its maiden sovereign green bond in an issuance that was 3x oversubscribed, Reuters reports. The seven-year green notes were offered at a 6.5% yield and attracted significant demand from international investors, with Europe and North America accounting for 75% of subscriptions. Latin America, including Brazil, accounted for the remainder, the newswire notes. Itau BBA, JPMorgan and Santander banks served as advisors for the issuance.

Where’s the money going? The proceeds from the operation will primarily support Brazil’s Climate Fund Program under the oversight of state development bank BNDES, the newswire reports, citing government officials. The Climate Fund focuses on investments in local renewables production chains, green tech development, and waste-to-energy projects sourced from biomass and biogas.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Chinese development banks are lagging in green loans: Chinese development extended no green energy finance loans for the second year in a row last year in spite of a presidential pledge in 2021 to step up low-carbon energy financing. (Boston University)