Lessons from the Cape Water Performance Based Bond - The Issuer's Story

This session brought together FirstRand and RMB to unpack the story behind the Cape Water Performance-Based Bond, the world’s first commercial bank nature-performance bond, listed on the JSE and tied directly to verified ecological restoration in Cape Town’s water catchments. Moderated by Dorothy Maseke, Head of the ANCA Secretariat, the conversation covered why FirstRand chose a performance-based structure over a conventional use-of-proceeds bond, how outcome KPIs were selected, priced and verified, and what it took to win internal buy-in and bring the transaction to market. RMB shared what made the deal bankable from the arranger’s side, and where it nearly stalled. The session closed with practical advice for institutions considering a similar instrument in other African markets. This was the first session in a three-part ANCA Learning Webinar Series on the bond, co-convened by FSD Africa Investments and the ANCA Secretariat. Learn more: https://africannaturalcapitalalliance...