THE PROCESS
Phase 1: Strategy & Preparation
1. Issuer develops a Sustainability Strategy
The Issuer defines a corporate sustainability strategy. The Board approves the strategy to raise capital via a Green, social, Sustainable sustainability-linked bond (GSSS Instruments).
2. Issuer identifies qualifying projects and assets
The Issuer identifies eligible green/social/sustainability-linked projects or assets aligned with applicable taxonomies or international principles.
3. Develops an appropriate Framework
The Transaction Adviser supports the Issuer in developing a Sustainable Finance Framework covering Use of Proceeds, Project Evaluation, Management of Proceeds, and Reporting.
4. Issuer appoints an Independent Verifier to carry out pre-issuance review to confirm alignment
The Issuer commissions an independent Second Party Opinion (SPO) Provider to review the GSSS Framework.
THE PROCESS
Phase 2: Regulatory Approval & Market Engagement
5. Issuer appoints a Transaction Adviser to prepare an Information Memorandum (IM)
The Issuer appoints a licensed Transaction Adviser to structure the instrument and prepare the Information Memorandum, incorporating both financial and sustainability disclosures.
6. Issuer submits IM and supporting documents to Regulators (CMA & NSE) for approval
The TA submits the GSSS Framework, SPO report, and bond documentation (Information Memorandum / Prospectus) to the CMA for approval.
7. Issuer conducts Pre-Deal Road Show
The TA and Issuer present the GSSS bond opportunity to target investors (e.g., ESG funds, DFIs).
THE PROCESS
Phase 3: Issuance & Listing
8. Once approved by CMA, NSE approves the listing of the Instrument
Following CMA approval, the TA submits the required documentation to the NSE for formal listing of the instrument on the appropriate market segment.
9. Issuer conducts Deal Road Show
The Issuer and TA conduct the formal investor roadshow to market the instrument and secure subscription.
10. Issuer issues the Instrument and raises the capital to deploy to nominated projects
The instrument is issued, and capital is raised. Proceeds are allocated to the projects and assets identified under the Sustainable Finance Framework.
THE PROCESS
Phase 4: Post-Issuance Accountability
11. Reporting on the Use of Proceeds and Impact Annually
The Issuer provides annual reporting on allocation of proceeds and measurable environmental or social outcomes in line with the Framework.
12. Post-Issuance Verification
The Issuer engages an independent Verifier to assure the accuracy of allocation and impact reports.
13. Ongoing Compliance and Stakeholder Engagement
Ongoing adherence to regulatory rules, framework commitments, and investor communication.
GSSS Bond Issuance Process