– Citi acted as Note Trustee, Principal Paying Agent, and Calculation Agent for CCMM’s first bond issuance
LONDON–(BUSINESS WIRE)–Citi Issuer Services has completed the settlement of the Climate Investment Funds (CIF) Capital Market Mechanism (CCMM)’s first bond issuance today. The issuance is part of CCMM’s borrowing program which was listed in November 2024. Citi serves as Note Trustee, Principal Paying Agent, and Calculation Agent for the program.
The inaugural 3-year bond raised US$500 million with proceeds to be used for the Clean Technology Fund (CTF) to scale up low-carbon technologies.
Dirk Jones, Head of Issuer Services at Citi said, “By delivering Citi’s global network, we are enabling issuers to access capital around the world. Our role in this significant initiative and its inaugural issuance leverages Citi’s cross-border capabilities and technical expertise as we facilitate capital raising worldwide.”
Established in July 2024, CCMM raises private sector capital through bond issuances in international capital markets. Rated AA+ and Aa1 by Fitch and Moody’s respectively, CCMM channels funds to the CTF to support a wide array of clean technologies in low- and middle-income countries across different areas, including renewable energy, energy efficiency (of buildings, agriculture, and industry), and clean transport.
Projects are financed through six implementing multilateral development banks, including the World Bank, who is additionally the CTF Trustee and Treasury Manager for CCMM.
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
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