Certification Fee Policy
A Minimum Fee of USD$2.000 (two-thousand US dollars) for Issuers in developed countries and USD$1.000 (one-thousand US dollars) for Issuers in developing countries will be charged by the Climate Bonds Initiative upon awarding the Certification label. Following the issuance of any certified bond (or a series of bonds in a Programmatic Certification process) a Variable fee of 1/10th of a basis point (i.e. x 0.00001) of the bond issuance amount will be calculated. (For example, on a USD$500 million bond, the certification fee is USD$5.000 [five-thousand US dollars].) If the Variable fee exceeds the Minimum Fee, an additional amount will be payable at the time of issuance of the bond(s) equal to the difference between the Variable Fee and the Minimum Fee.
For Programmatic Issuers, the Minimum Fee will only apply to the first bond issued under the program; the Variable fee for each subsequent programmatic issuance will be calculated based on the aggregate issuance amounts under the program and any fees previously billed (including the Minimum fee) will be deducted from the cumulative Variable Fee. The Variable Fee will be billed if it is a positive number. For example: a Programmatic EU issuer initially issues a bond of $100mln and pays the minimum fee of $2.000. The same issuer issues a second bond under the program of $50mln. Since the minimum fee of $2.000 exceeds the cumulative variable fee of $1.500, no additional fee is charged. The same issuer issues a third bond of $80mln. The variable fee on the cumulative amount of $230mln is $2.300. The issuer will be billed with the difference of fees already charged, ie $2.300 - $2.000 = $300