📋 Tender Overview
Issuance marks Masdars fourth bond offering and its first blue bond under its US6 billion Global Medium Term Note Programme
Peak orderbook of USD 1.5 billion with oversubscription of 2.5x, reflecting investor confidence in Masdars financial resilience and strategic direction
Proceeds from blue bond will be allocated to maritime renewable energy projects, including offshore wind
Blue issuance brings the total raised under Masdars bond programme to US3.35 billion since 2023
Abu Dhabi Future Energy Company PJSC - Masdar, a global clean energy leader, has strengthened and expanded its leadership position in sustainable finance with the issuance of the first blue bond in its US6 billion Global Medium Term Note Programme. The US600 million five-year tenor bond is rated AA- by S&P and Fitch, making it the highest rated public blue bond issued globally to date by a corporate.
Issued on the London Stock Exchanges International Securities Market with a 5.875% US dollar coupon, the bond was swapped into euros at a 4.374% yield, efficiently aligning Masdars funding with its European investment exposure. The transaction attracted resilient demand from a broad base of regional and international investors, with the orderbook peaking at US1.5 billion and the bond ultimately 2.5x oversubscribed despite challenging market conditions.
Masdar updated its Green Finance Framework (GFF) last month to include eligible blue projects, enabling the company to channel capital toward water-related clean energy projects, including offshore wind. Eligible blue projects contribute to the sustainable use of oceans and water resources, and must undergo comprehensive impact assessments to minimize adverse biodiversity effects.
Mazin Khan, Chief Financial Officer, Masdar, said:
For two decades, Masdar has been a driving force in the development, deployment and commercialization of renewable energy solutions across the world. Our first blue bond issuance under our updated Green Finance Framework provides yet more opportunities for investors to join us in building the clean energy system of the future. This benchmark offering will ensure capital can be delivered where it will have the most impact, supporting the development of a more resilient blue and green economy.
Masdar is already widely recognized as a global leader in sustainable finance, with the company having raised US2.75 billion since 2023 through its bond program. A total of US2.3 billion had been allocated to 30 renewable energy projects, with a total gross capacity of over 16 gigawatts (GW) across 10 countries, as of year-end 2025.
Masdars updated GFF is aligned with blue guidance from the International Capital Market Association and the International Finance Corporation, and was again assigned SQS1 (Excellent) - the highest possible Sustainability Quality Score - by Moodys.
The joint lead managers and bookrunners on the bond included Abu Dhabi Commercial Bank, BNP Paribas, Credit Agricole CIB, First Abu Dhabi Bank, HSBC, J.P. Morgan, and Societe Generale CIB.
Masdar has built one of the worlds fastest-growing renewable energy portfolios, with more than 65GW of capacity across established and high-growth renewable energy markets, spanning technologies including solar, onshore wind, offshore wind, battery storage and hybrid solutions. With a clear pathway to 100GW of energy capacity by 2030, Masdar continues to expand through disciplined investment in strategic markets, delivering reliable, affordable clean power to meet rapidly growing electricity demand while supporting energy security and economic growth.
