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Western Asset Management Invests in World Bank Sustainable Development Bond for Climate Action
Western Asset Management Invests in World Bank Sustainable Development Bond for Climate Action
Published 12-21-22
Submitted by Franklin Templeton
Western Asset Management, a specialist investment manager of Franklin Templeton with $375.5 billion in AUM as of September 30, 2022, was the sole investor in a 400 billion Indonesian rupiah-denominated ($25 million U.S. dollar equivalent) 5-year Sustainable Development Bond from the World Bank. World Bank bonds support the financing of sustainable development projects and programs designed to achieve positive social and environmental impacts in developing countries. The bond was issued under the World Bank’s Sustainable Bond Framework.
Kevin Ritter, Portfolio Manager, Western Asset Management Company, said “We are excited to collaborate with the World Bank on this opportunity. We find the income profile and potential total return of the Indonesian rupiah-denominated issuance attractive. Additionally, supporting the World Bank’s Sustainable Development Bond Program—which adheres to the highest industry standard with respect to transparency and the use of proceeds—provides a unique and credible opportunity to support the financing of sustainability-enhancing development programs, including its program of climate-related investments, while at the same time enabling specific clients to meet their investment objectives.”
Heike Reichelt, Head of Investor Relations and Sustainable Finance, World Bank Treasury, said “We are pleased to see continued investor interest in climate action. The World Bank’s holistic approach to integrating climate change across operations is central to sustainable development and an example of how climate action can be mainstreamed as a consideration for investment and decision-making.”
About Franklin Templeton
Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives, and multi-asset solutions. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has over 75 years of investment experience and approximately $1.4 trillion in assets under management as of November 30, 2022. For more information, please visit www.franklinresources.com
