Green Bond Fact Sheet

This fact sheet details a CNY 1.2 billion (USD 188 million) green bond issued by Nanjing Metro on January 10, 2018, to finance metro construction in Nanjing City using a land value capture model.

• Nanjing Metro issued a Chinese Asset-Backed Security (ABS) bond on January 10, 2018, with a total amount of CNY 1.2 billion (approximately USD 188 million) and a maturity date of May 18, 2028.
• The bond consists of 11 tranches and is secured by rents and receivables from commercial properties located along metro lines, as well as from advertisements and shops within stations. All proceeds are designated for metro construction in Nanjing City.
• The bond utilizes a land value capture model, similar to the 'Rail + Property' model used by Hong Kong's MTR, making Nanjing Metro the first metro operator in mainland China to employ this method for financing metro projects.
• The 10 senior tranches of the bond were assigned an AAA rating by Lianhe Ratings, with coupon rates between 4.9% and 5.13%, which the issuer claims is the lowest for similar ABS types issued in China in 2018.

APA

Climate Bonds Initiative (2018). Green Bond Fact Sheet. https://www.climatebonds.net/files/drupal-files/files/2018-05%20CN%20Nanjing%20Metro.pdf

Chicago

Climate Bonds Initiative. Green Bond Fact Sheet. 2018. https://www.climatebonds.net/files/drupal-files/files/2018-05%20CN%20Nanjing%20Metro.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=Green Bond Fact Sheet |date=18 May 2018 |url=https://www.climatebonds.net/files/drupal-files/files/2018-05%20CN%20Nanjing%20Metro.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2018green, author = {{Climate Bonds Initiative}}, title = {{Green Bond Fact Sheet}}, institution = {Climate Bonds Initiative}, year = {2018}, month = may, url = {https://www.climatebonds.net/files/drupal-files/files/2018-05%20CN%20Nanjing%20Metro.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }