Media update - NEA raises SGD1.65 billion in maiden issuance; largest inaugural bond issuance by a Singapore statutory board

Singapore.07 Sep 2021
Singapore, 07 Sep 2021 - The first and second series of the National Environment Agency (NEA)’s SGD3 billion Multicurrency Medium Term Note (MTN) programme were priced yesterday evening. In the largest inaugural bond issuance by a Singapore statutory board, NEA raised SGD1.65 billion of green bonds in a dual-tranche issuance. The final order book stood in excess of SGD2 billion from asset managers, agencies, banks and private banks.

The issuance comprised:

  • SGD 350 million, 10-year Fixed Rate Notes which have a coupon of 1.67 per cent per annum and
  • SGD 1.3 billion, 30-year Fixed Rate Notes which have a coupon of 2.50 per cent per annum
Interest payments on both series are payable semi-annually in arrear.

NEA’s maiden issuance is the longest tenor green bond denominated in SGD to date, and also the longest tenor unrated public green bond in Southeast Asia.

Clifford Lee, Global Head of Fixed Income, DBS, said, “We are delighted to have worked closely with NEA to bring yet another new development to Singapore’s green financing market. The confident and robust take-up of NEA’s and the public sector’s first green bond demonstrates that the market is ready to throw its support behind the Singapore’s sustainable development plans[1]. Investors are also signalling that sustainable infrastructure development will give Singapore a competitive advantage and are willing to invest in industry initiatives that bring long-term gains. The strength of this issuance is a watershed moment as it demonstrates that investors will respond positively when there is a trusted standard for issuers and investors to rely on[2], in this case the NEA Green Bond Framework. This in turn will contribute towards Singapore’s ambitions of becoming the green finance capital of Asia and the world.”

Luke Goh, CEO of NEA said, “The strong reception to the public sector’s first green bond affirms investors’ confidence in Singapore’s sustainable development efforts. We are encouraged by the strong market demand and range of investors that subscribed to NEA’s green bonds. We look forward to completing the Tuas Nexus Integrated Waste Management Facility (IWMF) which will significantly boost Singapore’s resource management capabilities. In particular, it will process different waste streams at much higher efficiency and reduce Singapore waste management’s overall carbon footprint.”

DBS Bank Ltd. is the Sole Arranger for NEA’s MTN Programme and Green Structuring Advisor for NEA’s Green Bond Framework.

DBS and National Environment Agency – Deal Stats
Combined Books in excess of SGD2 billion (Good at Reoffer) 
By Type: 
FM/Agency 90%
Private Bank1%
By Region: 
Singapore 98%
Others 2%

[1]The Singapore Green Plan 2030, or the Green Plan, is a whole-of-nation movement to advance Singapore’s national agenda on sustainable development. For more information, please refer to -
[2]The NEA Green Bond Framework aligns with the voluntary guidelines of the Green Bond Principles formulated by the International Capital Market Association, framed by four core components: (1) Use of Proceeds, (2) Process for Project Evaluation & Selection, (3) Management of Proceeds and (4) Reporting. For more information, please refer to -


About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 12 consecutive years from 2009 to 2020.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit

About National Environment Agency
The National Environment Agency (NEA) is the leading public organisation responsible for ensuring a clean and sustainable environment for Singapore. Its key roles are to improve and sustain a clean environment, promote sustainability and resource efficiency, maintain high public health standards, provide timely and reliable meteorological information, and encourage a vibrant hawker culture. NEA works closely with its partners and the community to develop and spearhead environmental and public health initiatives and programmes. It is committed to motivating every individual to care for the environment as a way of life, in order to build a liveable and sustainable Singapore for present and future generations.

For more information, visit
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