ADB, Georgia Capital Partner to Issue Sustainability-Linked Bond, Largest of its Kind in Region

TBILISI, GEORGIA (3 AUGUST 2023) — The Asian Development Bank (ADB) and Joint Stock Company Georgia Capital (GCAP) partnered to issue GCAP’s inaugural sustainability-linked bond. As a strategic investor, ADB provided foundational support to adopt this innovative instrument. This is ADB’s first subscription to a private sector sustainability-linked bond.

GCAP’s total issuance of $150 million with a 5-year tenor is the largest bond listed on the Georgian Stock Exchange and the largest sustainability-linked issuance in Georgia and the Caucasus, to date. ADB will invest $16 million, and the proceeds will be earmarked for refinancing renewable energy and education investments, and for financing corporate measures to achieve the group’s sustainability-linked key performance indicator.

“This investment builds on ADB’s commitment, as Asia and the Pacific’s climate bank, to develop capital markets in ADB’s developing member countries through innovative and path finder issuances, especially in the climate and sustainability space,” said ADB Director General for Private Sector Operations Suzanne Gaboury. “ADB’s long-standing partnership with GCAP provided the opportunity to propose the issuance of this sustainability-linked instrument. The sheer size of this issuance and the healthy private sector demand it managed to generate, is expected to spur further climate-related bond issuances in Georgia and throughout the Caucasus region."

Sustainability-linked bonds are forward-looking, performance-based debt instruments with climate-related objectives that are measured through predefined key performance indicators and are assessed against sustainability performance targets. Second-party opinion on the credibility of bonds issued was provided by Sustainalytics, based on the issuer’s sustainability-linked bond framework which is aligned with the International Capital Markets Association’s Sustainability-linked Bond Principles.

This issuance is critical to GCAP achieving its goal of being net zero in its operations by 2050. A key feature of the sustainability-linked bond is GCAP’s commitment to reduce its greenhouse gas emissions by 20% by 2027 compared to the 2022 baseline. This will also support Georgia’s commitment under the Paris Agreement to reduce GHG emissions to 35% below 1990 levels by 2030. This landmark transaction has mobilized an unprecedented $83 million of private sector investors for a Georgian-listed corporate bond.

“Georgia Capital has pioneered corporate commitments to net zero, and we continue to support our country’s efforts to transition to a carbon-neutral economy,” said Georgia Capital Chairman and Chief Executive Officer Irakli Gilauri. “This bond will also support the development of the local capital market and promote the use of sustainable finance instruments and standards in the region. It will enhance our financial flexibility and provide an opportunity to continue with substantial deleveraging. We are thankful for ADB’s support and look forward to further collaboration on climate investments.”

GCAP is one of the largest private investment companies in Georgia. Its diversified portfolio includes investments and operations in banking and insurance, health care, renewable energy, water utility services, education, and housing and hospitality. Georgia Capital PLC, the parent company of GCAP, is listed on the London Stock Exchange. ADB and Georgia Capital’s portfolio companies have worked together in several transactions since 2019.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

Source: ADB

NOBITA releases debut album, BETTERFLY

The 8-track release shows their affinity for earnest songwriting and soul-baring production

Filipino alt-rock outfit NOBITA has finally released their highly anticipated debut album, BETTERFLY via Sony Music Entertainment.

The 8-track album finds the band expressing their introspective take on life, optimism, and companionship with an affinity for soul-baring production and vulnerable songwriting. The record is co-produced by constant collaborator Isagani Palabyab of Monostery Studio, and was written and co-arranged by NOBITA.

BETTERFLY is led by the track “Paruparo Na Walang Hanggan,” which captures the immediacy of romantic love, and the inescapable thrill that it brings to people. The soulful ballad reflects NOBITA’s core competencies as lyricists and musicians, delivering heartfelt sentiments with bluesy chops and ‘60s-style harmonies.

The much-awaited release also contains new songs such as “Hay Buhay,” which honors the beauty of being alive and in love, and “Bukang Liwayway,” a strings-laden ditty that confronts challenges with a hopeful, persevering tone. Both songs encapsulate NOBITA’s self-assured musical direction: never hurried and deceptively simple, but coming from a place of sincerity and warmth.

Track list: 

1. Kahit Sandali

2. Sa Ulan

3. Hau Buhay

4. Paruparo Na Walang Hanggan

5. Totoo

6. Paano Uusad

7. Bukang Liwayway

8. Kalangitan

 

The band’s rapid rise to mainstream acclaim is no stranger to the public. The Pinoy five-piece act hit it big with “Ikaw Lang” and “Unang Sayaw,” which currently rank as two of the most streamed OPM tracks in Spotify history. The pop-rock outfit has built an impressive portfolio by releasing songs that capture the beating heart of the young generation, and bringing light, love, and inspiration to as many people as possible.

NOBITA’s new album, BETTERFLY is out now on all digital music platforms worldwide via Sony Music Entertainment.

Source: Nyou