State Bank of Vietnam spotlights European Investment Bank’s record EUR 3 billion EU Green Bond Standard issuance

The State Bank of Vietnam published an overview of the European Union Green Bond Standard (EuGBS) and early market issuance under the framework, focusing on the European Investment Bank’s (EIB) EUR 3 billion Climate Awareness Bond (CAB) transaction as the largest EuGBS-labelled deal to date. The article frames EuGBS, effective from late 2024, as a voluntary standard designed to improve transparency and consistency in green bond disclosures, including alignment with the European Union’s sustainable activity classification. The EIB deal, issued in April 2025, is presented as the first time a multilateral financial institution has issued under EuGBS and attracted orders of more than EUR 40 billion, around 13 times the issuance size, with BNP Paribas, Crédit Agricole, Deutsche Bank and LBBW acting as lead managers. Other EuGBS deals cited include A2A’s EUR 500 million issuance in January 2025 and Île-de-France Mobilités’ EUR 1 billion issuance as the first public-sector EuGBS transaction. The piece also notes EIB’s work to strengthen CAB reporting on allocation and impact to meet EuGBS requirements, and references concerns from some market participants that EuGBS sets a high bar, alongside EIB’s view that the gap with International Capital Market Association Green Bond Principles is narrower than often assumed. Looking ahead, the EIB expects to continue issuing CABs in both EuGBS-labelled and non-labelled formats, with both types adhering to the International Capital Market Association Green Bond Principles.