Second-Party Opinion Download

Sustainalytics is of the opinion that the Sinic Green, Social, Sustainability Financing Framework is credible and impactful and aligns with the Green Bond Principles 2018, Social Bond Principles 2020 and Sustainability Bond Guidelines 2018. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds Green Buildings, Energy Efficiency, Pollution Prevention and Control, Renewable Energy, Environmentally Sustainable Management of Living Natural Resources and Land Use, Clean Transportation, Affordable Housing, Access to Essential Services, are aligned with those recognized by both the Green Bond Principles and Social Bond Principles. Sustainalytics considers that the eligible categories will lead to positive environmental or social impacts and advance the UN Sustainable Development Goals, specifically SDG goals 3, 4, 7, 11, 12 and 15.

PROJECT EVALUATION/SELECTION

Sinic has established a Sustainable Finance Working Group (SFWG), consisting of senior representatives from various departments, who will be responsible for project evaluation and selection and the overall management of the Framework. For future issuances, Sinic’s Product team will submit information about new projects as well as information of eligibility of existing projects to the SFWG. The SFWG will be responsible for providing final approval for project eligibility. Sustainalytics considers the project selection process in line with market practice.

MANAGEMENT OF PROCEEDS

In collaboration with the SFWG, Sinic’s Finance team will be responsible for managing the net proceeds. Proceeds will be used both for the financing and refinancing of eligible projects, having a two years look-back period. Pending allocation, unallocated proceeds raised under the Framework will be temporality invested in held in short term liquid deposits or used to repay existing borrowings. This is in line with market practice.

REPORTING

Sinic intends to provide allocation and impact reporting on its investor’s relation webpage on an annual basis until the full allocation of proceeds or in case of any material changes. Allocation reporting will include information such as - allocation amount by eligible project category, the proportion of financing and refinancing, amount of unallocated proceeds, among others. In addition, Sinic is committed to reporting on relevant impact metrics where feasible. Sustainalytics views Sinic’s allocation and impact reporting as aligned with market practice.