Bond Access Bank Plc 15.5% ( NGAGB2024S08 ) in NGN

Issuer Access Bank Plc
Market price 100 %  ▲ 
Country  Nigeria
ISIN code  NGAGB2024S08 ( in NGN )
Interest rate 15.5% per year ( payment 1 time a year)
Maturity 18/03/2024 - Bond has expired



Prospectus brochure of the bond Access Bank Plc NGAGB2024S08 in NGN 15.5%, expired


Minimal amount 1 000 NGN
Total amount 15 000 000 000 NGN
Detailed description Access Bank Plc is a leading full-service commercial bank in Nigeria, offering a wide range of financial services to individuals and businesses across Africa and internationally.

The Bond issued by Access Bank Plc ( Nigeria ) , in NGN, with the ISIN code NGAGB2024S08, pays a coupon of 15.5% per year.
The coupons are paid 1 time per year and the Bond maturity is 18/03/2024









INFORMATION NOTICE

ACCESS BANK PLC

N15,000,000,000, 5 YEAR 15.5% FIXED RATE UNSECURED GREEN BONDS DUE 2024
THE BONDS ARE LISTED ON THE NIGERIAN STOCK EXCHANGE AND BEING TRADED
ON FMQD OTC
(ISIN: NGAGB2024S08)

THIS INFORMATION NOTICE AS WELL AS ALL INFORMATION CONTAINED HEREIN (THE
"INFORMATION NOTICE") IS MEANT TO PROVIDE DETAILS ON THE SECURITIES AND THE
ISSUER IN RELATION TO THE ADMISSION OF THE SECURITIES ONTO THE SECURITIES
OFFICIAL LIST HELD BY THE LUXEMBOURG STOCK EXCHANGE WITHOUT ADMISSION TO
TRADING ON ONE OF THE SECURITIES MARKETS OPERATED BY LUXSE (LUXSE SOL). THE
INFORMATION NOTICE HAS BEEN PREPARED FOR THE SOLE GOAL OF BEING ADMITTED
AND DISPLAYED ON LUXSE SOL. IT DOES NOT PROVIDE ANY KEY INFORMATION TO BE
USED FOR MAKING INVESTMENT DECISIONS.

THE INFORMATION NOTICE IS PROVIDED FOR INFORMATION PURPOSES ONLY. IT DOES
NOT CONSTITUTE AND IS NOT CONSTRUED AS ANY ADVICE, SOLICITATION, OFFER,
ENDORSEMENT, COMMITMENT OR RECOMMENDATION TO INVEST IN THE SECURITIES
DESCRIBED HEREIN. THE PROVISION OF THE INFORMATION NOTICE IS NOT AND SHALL
NOT BE A SUBSTITUTE FOR YOUR OWN RESEARCHES, INVESTIGATIONS, VERIFICATIONS,
CHECKS OR CONSULTATION FOR PROFESSIONAL OR INVESTMENT ADVICE.

YOU ARE USING THE INFORMATION NOTICE AT YOUR OWN RISKS.

THE BONDS ARE ALREADY ADMITTED TO TRADING ON THE FMDQ SECURITIES EXCHANGE
AND ARE LISTED ON THE NIGERIAN STOCK EXCHANGE.




This Information Notice is dated the 9th of March, 2020.





1




IMPORTANT NOTICE

This Information Notice includes particulars for the purpose of giving information with regard to
the Green Bonds and comprises this wrapper document (the Wrapper Document), the offering
Prospectus dated March 18, 2019 (the Offering Prospectus) and the documents incorporated
by reference herein (the Wrapper Document, the Offering Prospectus and the documents
incorporated by reference to be considered together as the Information Notice).

This Offering Prospectus was prepared by Chapel Hill Denham Advisory Limited and
Coronation Merchant Bank Limited (jointly referred to as the "Issuing Houses"), on behalf of
Access Bank Plc ("Access Bank" or the "Issuer" or the "Bank"), in connection with the
N15,000,000,000, 5 year 15.5% Fixed Rate Unsecured Green Bonds due 2024 (the "Issue" or
"Green Bond Issuance"), in accordance with the provisions of the Investments & Securities Act
2007, Rules and Regulations of the Nigerian SEC, and the listing and quotation requirements
of the FMDQ and NSE.

Information concerning projections about the future performance of the projects referenced
herein have been provided by the Company and are based on assumptions concerning the
Nigerian economy and the Company's anticipated results and they have been included solely
for guidance. Prospective investors should be aware that certain forward-looking statements
which are not historical facts but refer to the expectations of the Issuer with respect to the
political, regulatory and economic environment and the Issuer's intentions, current and future
expectations concerning the industry in which it operates, project's financial projections of the
projects and liquidity are not guarantees of future performance. These statements, estimates
and projections should not be relied upon as a representation, warranty or undertaking,
expressed or implied, as to the future performance of the Company and actual occurrences
may vary materially from the projected developments contained herein and/or the assumptions
on which such statements, estimates and projections were based.

Certain statistical information presented in this document has been obtained from certain third
party sources, as described herein. This third-party information is presented in the following
sections of this document "Introduction to Green Bonds", and "Risk Factors". Access Bank has
accurately reproduced such information and as far as the Company is aware and is able to
ascertain from information published by such third parties, no facts have been omitted that
would render the information inaccurate or misleading.

Access Bank and members of its Board of Directors have taken all reasonable care to ensure
that the information stated herein, is to the best of their knowledge and belief, true and accurate
in all material respects and in accordance with the facts. The Directors confirm that to the best
of their knowledge and belief there are no other facts, the omission of which would make any
fact or opinion herein misleading or untrue. The Directors individually and collectively accept
full responsibility for the accuracy of the information provided in this Prospectus.

The Issuing Houses have not separately verified the information stated herein. Accordingly, no
representation, warranty or undertaking, expressed or implied, is made and no responsibility or
liability is accepted by the Issuing Houses or any of their affiliates as to the accuracy or
completeness of the information stated in this Prospectus.

No person has been authorised to give any information or to make any representation not stated
in or not consistent with this Prospectus and, if given or made, such information must not be
relied upon as having been authorised by either the Company, or any of the professional
advisers.

2




This Prospectus and the information stated herein or any other information supplied in
connection with the Issue does not constitute an offer or invitation by or on behalf of the Issuer,
the Issuing Houses or the Trustee to any person to subscribe for or to purchase the Instruments.
The recipient is expected to scrutinize the information stated in this Prospectus and seek
professional advice to aid investment decision.
DOCUMENTS INCORPORATED BY REFERENCE

The following documents are deemed to be part of and are incorporated by reference in the
Information Notice.

Financial Statements
Access Bank has published the underlisted financial statements, since the date of the
Prospectus that was issued in Nigeria:

· Unaudited Financial Statements for the Quarter ended March 31st, 2019
· Unaudited Financial Statements for the Quarter ended June 30th, 2019
· Unaudited Financial Statements for the Quarter ended September 30th, 2019
· Audited Financial Statements for the Financial Year ended December 31st, 2019
RECENT DEVELOPMENTS

The proceeds of the Green Bond has been fully allocated to the earmarked eligible assets in
line with the Prospectus. We have commenced the preparation of the assessment and rendition
of the Impact analysis and report of the Green Bond utilization as stipulated in the Access Bank
Green Bond Framework and the global standard requirements.
NO MATERIAL CHANGE

There has been no material adverse change in the Issuer's financial condition and prospects
since the date of the last audited financial statements.
NOTICES

So long as the notes are listed on the Luxembourg Stock Exchange and the rules of the
exchange require, the issuer will publish notices on the website of the Luxembourg Stock
Exchange (www.bourse.lu). Any notice so published will be considered given on the date of its
first publication.

3





This document is important and should be read carefully. If you are in any doubt about its contents or the action to take, kindly consult your
Stockbroker, Accountant, Banker, Solicitor, an independent Financial Adviser or any other professional adviser for guidance immediately.
For information concerning certain risk factors which should be considered by prospective investors, please refer to the section on "risk
factors" on pages 38 - 40.

Investment in the Green Bonds is strictly for Qualified Institutional Investors and High Net Worth Individuals, as
defined under Rule 321 of the Rules and Regulations of the Securities and Exchange Commission.



ACCESS BANK PLC


OFFER FOR SUBSCRIPTION
(BY WAY OF A BOOK BUILD)
OF

N15,000,000,000.00

5 YEAR 15.5% FIXED RATE SENIOR UNSECURED GREEN BONDS DUE 2024
(OFFERED TO QUALIFIED INSTITUTIONAL INVESTORS AND HIGH NET WORTH INDIVIDUALS)

IN CONNECTION WITH THE FINANCING/ RE-FINANCING OF IDENTIFIED ELIGIBLE GREEN ASSETS AND PROJECTS
DULY CERTIFIED IN LINE WITH THE CLIMATE BONDS STANDARD
Application List Opens:
February 21, 2019
Application List Closes: March 1, 2019


This Prospectus ("Prospectus") has been prepared, pursuant to Rule 321 of the Rules and Regulations of the Securities & Exchange
Commission ("SEC" or "the Commission"), in connection with the issuance of N15,000,000,000 5 year 15.5% Fixed Rate Senior Unsecured
Green Bonds due 2024 (the "Green Bond Issuance" or the "Issue"), by Access Bank Plc ("Access Bank" or the "Bank" or the "Issuer").

An application has been submitted to the Commission for the clearance and registration of this Prospectus and the securities, which it offers.
The clearance and registration of this Prospectus and the securities shall not be taken to indicate that the Commission endorses or
recommends the securities or assumes responsibility for the correctness of any statements made or opinions or reports expressed in this
Prospectus.

This Prospectus contains particulars in compliance with the requirements of the Commission, for the purpose of giving information with
regard to the securities being issued hereunder (the "Green Bonds" or "Bonds"). An application has been made to FMDQ OTC for the listing
of the Bonds. The Bonds also qualify as a security in which Trustee may invest under the Trustee Investments Act (Cap T22), Laws of the
Federation of Nigeria ("LFN"), 2004 and as a security under Section 20(1)(g) of the Personal Income Tax Act, Cap P8, LFN, 2004, as well as,
Section (19) (2) of the Companies Income Tax Act, Cap C21, LFN, 2004.

The Issuer accepts responsibility for the information contained in this document. To the best of its knowledge and belief (having taken all
reasonable care to ensure that such is the case), the information contained in this document is in accordance with the facts and does not omit
anything likely to affect the import of such information.

Investors are advised to note that the liability for false or misleading statements or acts made in connection with this Prospectus is provided
in Sections 85 and 86 of the Investment and Securities Act No.29 2007.

LEAD ISSUING HOUSE/BOOK RUNNER


JOINT ISSUING HOUSE/BOOK RUNNER

WWW.ACCESSBANKPLC.COM
WWW.CHAPELHILLDENHAM.COM
WWW.CORONATIONMB.COM
WWW.SEC.GOV.NG
THIS PROSPECTUS IS DATED MARCH 18, 2019
1



TABLE OF CONTENTS
1.
GLOSSARY OF DEFINED TERMS ................................................................................................................ 4
2.
IMPORTANT NOTICE .................................................................................................................................. 8
3.
PRESENTATION OF INFORMATION............................................................................................................ 9
4.
DECLARATION OF THE ISSUER ............................................................................................................... 10
5.
INDICATIVE ISSUE TIMETABLE ................................................................................................................ 11
6.
BOARD OF DIRECTORS & PROFESSIONAL PARTIES .............................................................................. 12
7.
ACCESS BANK GREEN BOND FRAMEWORK ........................................................................................... 14
8.
OVERVIEW OF THE TRANSACTION ......................................................................................................... 21
9.
SUMMARY OF THE ISSUE .......................................................................................................................... 22
10.
USE OF PROCEEDS ..................................................................................................................................... 26
11.
TERMS AND CONDITIONS OF THE GREEN BONDS ............................................................................... 27
12.
TAX CONSIDERATIONS ............................................................................................................................ 34
13.
COMPLIANCE WITH CODE OF CORPORATE GOVERNANCE .................................................................. 36
14.
MATERIAL ADVERSE CHANGE STATEMENT .......................................................................................... 37
15.
RISK FACTORS ........................................................................................................................................... 38
16.
GREEN BONDS ........................................................................................................................................... 41
16.1
GLOBAL STANDARDISATION EFFORTS ..................................................................................... 42
16.1.1. CLIMATE BONDS STANDARD ..................................................................................................... 42
16.1.2. GREEN BOND PRINCIPLES .......................................................................................................... 43
16.2
EXTERNAL REVIEW ...................................................................................................................... 43
16.3
GLOBAL MARKET FOR A GREEN BOND ..................................................................................... 44
17.
NIGERIA'S DEBUT GREEN BOND ............................................................................................................ 45
17.1
NATIONALLY DETERMINED CONTRIBUTIONS ......................................................................... 45
17.2
DEBUT FGN GREEN BOND ISSUANCE ...................................................................................... 45
18.
CERTIFICATION BY THE CLIMATE BONDS INITIATIVE ......................................................................... 46
19.
EXTRACTS FROM THE CREDIT RATING REPORTS ­ AGUSTO & CO. LIMITED ................................... 47
20.
DESCRIPTION OF ACCESS BANK PLC ...................................................................................................... 48
20.1 HISTORY OF THE COMPANY .......................................................................................................... 48
20.2 BUSINESS OPERATIONS ................................................................................................................. 48
20.3 BOARD OF DIRECTORS OF ACCESS BANK PLC ........................................................................... 51
20.4 MANAGEMENT TEAM .................................................................................................................... 53
2



21.
STATUTORY AND GENERAL INFORMATION .......................................................................................... 55
21.1 SHARES OUTSTANDING ................................................................................................................ 55
21.2 MERGER OR OTHER TRANSACTIONS ........................................................................................... 55
21.3 STATEMENT OF INDEBTEDNESS .................................................................................................... 56
21.4 CLAIMS AND LITIGATION ............................................................................................................. 56
21.5 MATERIAL CONTRACTS ................................................................................................................ 57
21.6 DECLARATION ................................................................................................................................ 57
21.7 CONSENTS ....................................................................................................................................... 58
21.8 DOCUMENTS INCORPORATED BY REFERENCE ............................................................................ 60
21.9 RELATIONSHIP BETWEEN THE COMPANY AND ITS ADVISERS .................................................. 60
22.
HISTORICAL FINANCIAL INFORMATION ................................................................................................ 61
22.1 EXTRACTS FROM REPORTING ACCOUNTANTS REPORT - KPMG ............................................ 61
22.2 BALANCE SHEET ............................................................................................................................. 62
22.3 INCOME STATEMENT ..................................................................................................................... 63
23.
COUPON AND PRINCIPAL PAYMENT SCHEDULE ................................................................................... 64
24.
PROCEDURE FOR APPLICATION AND ALLOTMENT ............................................................................... 65
24.1 INVITATION FOR PARTICIPATION ................................................................................................ 65
24.2 PAYMENT INSTRUCTIONS ............................................................................................................. 66
24.3 ALLOCATION/ALLOTMENT ........................................................................................................... 66
24.4 BANK ACCOUNT DETAILS ............................................................................................................. 66
APPLICATION FORM ............................................................................................................................................. 67
APPLICATION FORM ............................................................................................................................................. 68



3



1.
GLOSSARY OF DEFINED TERMS

Unless the context otherwise requires, the following expressions shall have the meaning respectively assigned to
them:

"Access Bank" or the "Bank"
Access Bank Plc, a public limited liability company incorporated under the
or "Company" or "Issuer"
laws of Nigeria with registration number 125384
"Agusto & Co"
Agusto & Co Limited
"Allotment Date"
The date on which the Bonds are allotted to Bondholders
"Allotment"
The issue of Bonds to Bondholders
Projects that are to be executed with the net proceeds of the Bond Issuance
"Approved Project(s)"
which have been estimated and verified by PwC UK as being in accordance
with the Climate Bonds Standard
"Auditors" or "PwC"
PricewaterhouseCoopers Chartered Accountants (PwC)
The Resolution of the Board of Access Bank dated November 23, 2018,
authorizing a Bond Issuance of N15 Billion Fixed Rate Bonds either by way of
a public offering, book building process, private placement, reverse call
enquiry or any such other methods, or combination of methods, in such
"Board Resolution"
tranches, series or proportions and at such dates, coupon or interest rates,
within such maturity period not exceeding 5 years and upon such other terms
and conditions as may be determined by the Executive Directors, subject to
obtaining the requisite approvals of the relevant regulatory authorities
"Board" or "Directors"
The Board of Directors of Access Bank Plc
"Bondholder"
Any registered holder of units of the Green Bond units to be issued under the

terms indicated in this Prospectus
"Bonds" or "Green Bonds"
The registered instrument of indebtedness issued by the Issuer under the

terms indicated in this Prospectus
"Bond Maturity Date"
The date specified in this Prospectus on which the bonds will be redeemed
"Bond Trustee"
Coronation Trustees Limited, being granted fiduciary power by the Issuer to
or "Trustee"
enforce the terms of the Green Bond Issuance
Chapel Hill Denham Advisory Limited and Coronation Merchant Bank
`'Book Runner(s)''
Limited, duly appointed by the Issuer to maintain the Book in respect of the
Bonds being sold by way of Book Building
Any day except Saturdays, Sundays and public holidays declared by the
"Business Day"
Federal Government of Nigeria, on which commercial banks are open for
business in Nigeria
"CAC"
Corporate Affairs Commission
"CAMA"
Companies and Allied Matters Act Cap C20, LFN, 2004
"CBI"
Climate Bonds Initiative
"CBN"
Central Bank of Nigeria
"CBS"
Climate Bonds Standard
"Chapel Hill Denham"
Chapel Hill Denham Advisory Limited
"CITA"
Companies Income Tax Act Cap C21, LFN, 2004 (as amended by the

Companies Income Tax (Amendment Act No. 11 of 2007))
"Conditions" or "Terms and
Terms and conditions under which the Bonds will be issued, as set out in the
Conditions"
section "Terms and Conditions" of this Prospectus and the Trust Deed
4



"Coupon"
The interest paid on the Bond periodically, expressed as a percentage of the

face value of the Bond
"Coupon Commencement
Date"
The date from which interest on the Green Bonds will begin to accrue

The date on which the Coupon is paid to the Bondholders as specified in this
"Coupon Payment Date"
Prospectus, being the sixth (6th) and twelfth (12th) months in each year that the
Bonds are outstanding
"Coronation MB"
Coronation Merchant Bank Limited
"CSCS" or the "Clearing
System"
Central Securities Clearing Systems Plc

"Custodian"
Stanbic IBTC Bank Plc
All Broker/Dealers and Primary Dealers/Market Makers, duly registered by
"Dealers"
the SEC and the NSE/FMDQ OTC, who may be appointed by the Company
to facilitate liquidity in the Green Bonds
The escrow account established with the Custodian in the name of the
"Designated Proceeds
Trustee/Issuer, or such other account as may be advised by the
Account" or "Escrow Account" Trustee/Issuer for the purpose of receiving the net proceeds of the Bond
Issuance and from which Approved Projects shall be funded.
The Debt Service Payment Account established by the Issuer for purposes of
servicing Bond repayment obligations under the Issue; which shall be
"Debt Service Payment
administered by the Trustees and from which the Trustees shall make
Account"
payments to Bondholders of interest and the principal sum at the times and
in such amounts as are detailed in the repayment schedule set out in the
Coupon and Principal Payment Schedule in Section 23.
"Events of Default"
All such events as are defined under the Trust Deed
"Exchanges"
The Nigerian Stock Exchange, FMDQ, and any other SEC approved exchange

on which the Green Bonds may be listed
"Face Value"
The nominal value of the Bond
"FGN" or "Federal
Government"
Federal Government of Nigeria

"Fixed Rate"
The rate of interest payable in respect of Fixed Rate Bonds
"Fixed Rate Bonds"
Bonds in respect of which interest is to be calculated and paid on a fixed rate
basis
FMDQ OTC Plc, an over-the-counter securities exchange and self-regulatory
"FMDQ"
organization licensed by the SEC, Nigeria to provide a platform for, inter alia,
the listing, quotation, registration and trading of securities
"Federal Ministry of
Federal Ministry of Environment
Environment"
"GDP"
Gross Domestic Product
"High Net
As defined in Rule 321 of the SEC Rules, an individual investor with a
-Worth Individuals
or "HNI"
minimum net worth of N300,000,000 (three hundred million Naira)

(excluding real assets such as automobiles, homes and furniture)
"IFRS"
International Financial Reporting Standards
"ISA" or "the Act""
Investments and Securities Act (No. 29 of 2007)
"Issue" or "Green Bond
The issuance of N15,000,000,000 5 year 15.5% Fixed Rate Senior Unsecured
Issuance"
Green Bonds due 2024 by Access Bank Plc
5



"Issue Date"
The date on which the Bonds are issued and when accrual of the interest

commences
This means the Trust Deed, the Vending Agreement, the Custodial
"Issue Documents"
Agreement, the Prospectus or any other documents required to be executed,

delivered and/or filed with the Commission in connection with the issue of
the Green Bonds
"Issue Price"
The price at which a Bond is issued
Collectively refers to Chapel Hill Denham Advisory Limited, being the
"Issuing Houses"
mandated Lead Issuing House and Coronation Merchant Bank Limited, being
the mandated Joint Issuing House
"Joint Issuing House"
Coronation Merchant Bank Limited
"Lead Issuing House"
Chapel Hill Denham Advisory Limited
"LFN"
Laws of the Federation of Nigeria 2004
"Maturity Date"
The date on which the principal amount is due for redemption
"Naira/NGN" or "N"
Nigerian Naira
A person or an entity who has been identified to access the Green Bond
"Obligor"
proceeds to finance Green Projects, and is contractually obliged to provide
interest and principal payments to the Bank
"OTC"
Over-the-counter
"Pension Act"
Pension Reform Act No. 4, 2014
means money market instruments with an investment grade rating that do
"Permitted Investments"
not include greenhouse gas intensive projects which are inconsistent with the
delivery of a low carbon and climate resilient economy
"PFAs"
Pension Fund Administrators
"PIT"
Personal Income Tax
"PITA"
Personal Income Tax Act Cap, P8, LFN 2004 (as amended by the Personal

Income Tax (Amendment) Act No. 20 of 2011)
This Prospectus that Access Bank has filed in accordance with the Rules and
"Prospectus"
Regulations of the SEC, which contains details of the Green Bond Issuance
"Principal Amount"
The nominal amount of each Bond
Professional advisers engaged by the Issuer to facilitate the registration and
"Professional Parties"
issuance of the Bonds
An investor that is so designated by the Commission including Banks, Fund
Managers,
Pension
Fund
Administrators,
Insurance
Companies,
"Qualified Institutional
Investment/Unit Trusts, Multilateral and Bilateral Institutions, Registered
Investor"
and/or Verifiable Private Equity Funds, Registered and/or verifiable Hedge

Funds, Market Makers, Staff Schemes, Trustees/Custodians, Stock Broking
Firms and any other category of the investor, as stipulated by Rule 321 of the
Rules and Regulations of the Securities and Exchange Commission
"Qualified Investors"
Qualified Institutional Investors and High Net-Worth Individuals
"Rating Agency"
Agusto & Co.
"Receiving Bank"
Coronation Merchant Bank Limited
"Record Date"
The date on which the list of Bondholders is extracted from the Register for

the purposes of making coupon payments, being a day, which is Fifteen (15)
6



days immediately preceding the date on which the coupon falls due for
payment
The aggregate principal amount outstanding in respect of the Bonds on
"Redemption Amount"
the Maturity Date
The record maintained by the Registrar detailing the particulars of
"Register"
Bondholders, respective Bonds held by each Bondholder and the particulars,
transfers and redemption of Bonds held by each Bondholder
"Registrar"
United Securities Limited
"Rules and Regulations" or
The consolidated Rules and Regulations of the SEC (2013) (or as amended
"SEC Rules"
from time to time), issued by the SEC pursuant to the ISA
"SEC" or "the Commission"
Securities and Exchange Commission
"Securities" or " Instruments" The registered Bond issued by Access Bank under this Green Bond Issuance
"Settlement Date"
The date on which the buyer (successful bidder/investor) must pay for the

Bonds delivered by the Company
`'Signing Ceremony Date''
The date on which the Offer documents approved by SEC are signed by the

Directors and other parties to the Issue
"The NSE" or "The Exchange" The Nigerian Stock Exchange
The Deed dated March 18, 2019, executed by Access Bank and the Bond
Trustee, by which the Green Bond Issuance is constituted and which
"Trust Deed"
empowers the Bond Trustee to hold, administer and manage the Designated

Proceeds Account with the Issuer, in respect of the Green Bonds issued
pursuant to this Prospectus, and also appoints the Bond Trustee to act on
behalf of bondholders
"VAT"
Value Added Tax
PricewaterhouseCoopers UK, the independent third-party assurance
"Verifier"
provider, providing an opinion that the Bonds conform to the relevant
requirements of the Climate Bonds Standard
The document prepared by PwC UK, conveying their opinion, as verifier of
"
the Approved Project(s), that the Bonds conform to the relevant requirements
Verification Report"
of the Climate Bonds Standard and which has been submitted to the Climate
Bonds Standard Secretariat











7



Document Outline