Lead party: FirstRand Bank (issuer)
Coverage: The Meridian legal market record (editorial).
FirstRand closed a R2.5 billion (US$149 million) outcomes-based bond linking returns to removing invasive vegetation in Cape Town water catchments. IFC led with R1.6 billion, with FSD Africa Investments (R234m) and ALUWANI (R350m) as anchors. Domestic investors included Ashburton, Eskom Pension Fund, Optimum and Sanlam Life; FirstRand Foundation committed R50 million as outcomes funder. FirstRand Bank was issuer and RMB arranger, structurer and distributor. Webber Wentzel was legal counsel to FirstRand Bank.
Value (as reported): R2.5 billion (US$149m).
Law firms: Webber Wentzel – Legal counsel to FirstRand Bank (issuer).
Other advisers: RMB (arranger, structurer, distributor).
Parties: Issuer: FirstRand Bank; Investors: IFC, FSD Africa Investments, ALUWANI, Ashburton, Eskom PPF, Optimum, Sanlam Life; Outcomes funder: FirstRand Foundation.
Jurisdiction (as reported): South Africa · Sector (as reported): Sustainable finance / Water.
Source: LinkedIn firm publication, posted 3 April 2026. Meridian record LI-DL-2026-0023.
