Published on: 2026-07-15
Source: Moscow Exchange –
An important disclaimer is at the bottom of this article.
On July 10, 2026, trading in green bonds of the developer company PJSC “GLORAX” began on the Moscow Exchange. The placement volume of the issue amounted to 6.1 billion rubles.
The Moscow Exchange has included the bond issue of PJSC “GLORAX” in the second-level quotation list, as well as in the Sustainable Development Sector.
The green bond issuance by PJSC “GLORAX” is the largest in terms of funds raised among development companies in the Sustainable Development Sector of the Moscow Exchange.
Within the framework of the “GLORAX” issuance, funds were raised to refinance expenses for the construction of a multi-apartment building with the highest energy efficiency class “A++”. The energy efficiency of the facility is ensured by the use of heat, electricity, and water-saving technologies, as well as the presence of systems for monitoring electricity and water consumption. In addition, the targeted environmental effect is determined by the average annual reduction in the consumption of energy resources for heating, ventilation, hot water supply, and electricity for common house needs per 1 sq. meter of living space, and the corresponding reduction in carbon dioxide emissions.
The bond term is 3.5 years (1260 days), with a coupon rate of 19.5% per annum.
The issuance of green bonds by PJSC “GLORAX” complies with Russian standards for green projects in the field of “Construction of energy-efficient buildings and structures,” which allows banks to apply reduced risk coefficients to such securities.
Natalya Loginova, Director of the Department for Working with Issuers at the Moscow Exchange:
“Stimulative regulation regarding ‘green’ bonds for banks has influenced the growth of placements in the Sustainable Development Sector of the Moscow Exchange. In particular, companies have already raised over 86 billion rubles through bond placements in the first 7 months of 2026, which accounts for more than 60% of the total volume of placements in the Sector for 2025.”
We welcome the debut of PJSC “GLORAX” in the green securities market and will continue to develop the exchange infrastructure for financing environmentally focused projects.
Pyotr Kryuchkov, Vice President for Public Markets at PJSC “GLORAX”:
“We are grateful to the Moscow Exchange and the arranging banks for the development of sustainable financing instruments that allow the creation of an attractive product for a wide range of investors while simultaneously providing the company access to financing under balanced conditions even during periods of high rates. The strong demand for GloraX’s debut green bond issuance also confirmed the market’s appetite for such securities.”
Andrey Korolev, Head of the Securitization and Investment Solutions Department at PJSC Sovcombank:
“We see high investor interest in new issues, and the current regulatory support measures, including reduced risk coefficients, further increase the attractiveness of ESG instruments for market participants. It is important that they have already proven their effectiveness as a mechanism for attracting financing for social and environmental projects. In this context, the deal with ‘GLORAX’, where Sovcombank acted both as Organizer and ESG consultant, holds special significance for us. We expect that the successful placement of the company’s ‘green’ bonds will become yet another confirmation of the demand for and effectiveness of this format, and on our part, we will continue to actively promote the development of the financial ESG instruments market in Russia.”
Issue verifier – JSC “EXPERT RA”, ESG consultant – PJSC “SOVKOMBANK”.
The Moscow Exchange has created a Sustainable Development Sector to attract financing for environmental protection projects, as well as socially significant projects. For the convenience of investors and market participants, the exchange introduced the letter “s” labeling in 2024 for bonds included in the Sustainable Development Sector.
Founded in 2014, GloraX is today one of the fastest-growing developers in the Russian market. Over a few years, the company has evolved from a regional market participant present in Moscow and Saint Petersburg to a federal player operating in 11 regions of Russia, and in 2025 conducted an IPO on the Moscow Exchange.
Please note; This information is raw content obtained directly from the information source. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.