On 19 July 2016 TCV issued a $300 million 5 year Green Bond with a coupon of 1.75%. The issue has been certified as Climate Bonds under the Climate Bonds Standard by the Climate Bonds Standards Board of the Climate Bonds Initiative. TCV has retained NAB as its Sole Arranger, Green Bond Structuring Agent and Lead Manager for the transaction. Future issuances may be forthcoming dependent on market conditions, funding requirements and investor demand.

TCV has developed a TCV Green Bond Framework to guide its management and reporting of the TCV Green Bond. Under the TCV Green Bond Framework TCV engaged DNV GL Business Assurance Australia (DNV GL) to independently verify that the TCV Green Bond and the underlying Asset Register meet the Climate Bond Initiative's certification requirements.

DNV GL's pre-issuance report can be found here. The Climate Bond Initiative's certification can be found here.

To meet the Climate Bond Initiative's certification requirements, DNV GL have issued a post issuance verification report. This report can be found here.

As part of the TCV Green Bond Framework TCV will establish an internal register of all TCV Green Bond eligible projects allocated against each TCV Green Bond, updated on a quarterly basis, which will identify each eligible project/asset with a unique identifier and track funds invested in each of these eligible projects/assets.

In addition to internal quarterly reporting, TCV will prepare an annual TCV Green Bond Report  for public release which will include details including, but not limited to:

  • net proceeds raised from each TCV Green Bond
  • aggregate of TCV Green Bond proceeds allocated against each of the TCV Green Bond eligible categories identified within the TCV Green Bond Framework
  • a listing of each eligible project/asset included within the TCV Green Bond eligible portfolio
  • where available, qualitative and quantitative performance measures of the environmental objectives of the eligible projects/assets within the TCV Green Bond eligible portfolio
  • any unallocated TCV Green Bond proceeds
  • confirmation that the Use of Proceeds of the TCV Green Bonds is in compliance with the TCV Green Bond Framework.
  • Information disclosed for each eligible project/asset will be subject to relevant confidentiality agreements and available information.

On an annual basis, TCV will retain DNV GL, or an appropriate assurance provider, to independently verify the annual TCV Green Bond Report, and provide assurance that each outstanding TCV Green Bond is in compliance with the TCV Green Bond Framework and the requirements of the Climate Bond Standard. Following this annual verification update, DNV GL will issue an updated independent verification statement.

The independent verification statement, the annual TCV Green Bond Report and annual verification reporting will be made publicly available on the TCV website. The 2017-18 TCV Annual Green Bond Report can be found below.

2017-18 TCV Annual Green Bond Report
2016-17 TCV Annual Green Bond Report