Second-Party Opinion Download

Sustainalytics is of the opinion that the Sustainability Bond Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2021, Green Bond Principles 2021, and Social Bond Principles 2021. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds1 are aligned with those recognized by both the Green Bond Principles and Social Bond Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental or social impacts and advance the UN Sustainable Development Goals, specifically SDG 2, 3, 4, 6, 7, 8, 9, 11, 12 and 15.  

PROJECT EVALUATION / SELECTION

RBRO’s internal process in evaluating and selecting projects is overseen by the Sustainability Bond Committee, comprised of representatives from the Bank’s Board, Business, Risk and Operations departments. The Committee is responsible for the final approval of eligible projects. RBRO has in place an environmental and social risk management process applicable to all allocation decisions in the Framework. Sustainalytics considers the risk management system and project selection process in line with market practice. 

MANAGEMENT OF PROCEEDS

RBRO’s Group Risk Control and Portfolio Management department will be in charge of managing the net proceeds through the Loan Portfolio that will be tracked by an internal register. RBRO will invest unallocated proceeds within the treasury, in money market instruments and cash or cash equivalents instruments. This is in line with market practice. 

REPORTING

RBRO intends to provide allocation reporting on its website on an annual basis until full allocation. In addition, RBRO is committed to reporting on relevant quantitative impact where feasible and has provided indicative metrics within the Framework. Sustainalytics views RBRO’s allocation and impact reporting as aligned with market practice.