The world’s largest recycler of aluminium has listed green bonds on The International Stock Exchange (TISE).

Novelis Sheet Ingot GmbH, an indirect wholly-owned subsidiary of Novelis Inc., has had €500,000,000 3.375% Senior Notes due April 15, 2029 admitted to TISE’s green market segment, TISE GREEN.

Novelis is the leading producer of flat-rolled aluminium products and the world’s largest recycler of aluminium. The net proceeds from the bonds will be used to finance eligible green projects, such as investments in renewable energy and pollution prevention and control.

"Such admission clearly demonstrates the attraction to both issuers and investors of a robust and credible market segment for green bonds."

Anthony Byrne, Head of Bond Markets at The International Stock Exchange Group, said: “We are delighted to welcome Novelis’ green bond to listing on TISE and its admission to TISE GREEN. Such admission clearly demonstrates the attraction to both issuers and investors of a robust and credible market segment for green bonds. TISE GREEN raises the profile of, and facilitates the flow of capital into, initiatives which finance projects that protect or enhance the environment. A growing pipeline of enquiries indicates a continued flow of green and sustainable listings to the segment in the coming months.”

Novelis has engaged Sustainalytics, an independent environmental, social and governance and corporate governance research, ratings and analytics firm, to help develop a green bond framework, define the eligible green projects and assess the processes for alignment with the Green Bond Principles (produced by the International Capital Markets Association).

"The net proceeds from the bonds will be used to finance eligible green projects, such as investments in renewable energy and pollution prevention and control."

Ogier Corporate Finance Limited advised Novelis in respect of the listing on TISE and worked alongside the issuer’s counsel, Fried Frank, Harris, Shriver & Jacobson (London) LLP.