Singapore Management University (SMU) has raised S$150 million through the successful issuance of its first-ever Sustainability Bond—marking a historic first for a university in Singapore. The bond, which matures in July 2032, carries a coupon rate of 2.022% and was arranged by Oversea-Chinese Banking Corporation Limited (OCBC), the Sole Lead Manager and Bookrunner.
Proceeds from the bond will be used to finance and refinance eligible green and social initiatives under SMU’s Sustainable Financing Framework, launched in June 2025. These initiatives include green buildings, energy-efficient infrastructure, sustainable IT systems, water and waste management, as well as social programmes focused on inclusive education, mental health, and public knowledge sharing.
“This bond is more than a financial milestone — it reflects SMU’s commitment to shaping a sustainable and inclusive future,” said SMU President, Professor Lily Kong. “Issuing it during our 25th anniversary year underscores our vision to grow with purpose and make a meaningful difference in the communities we serve.”
SMU President Professor Lily Kong
The bond aligns with SMU’s 2022 Sustainability Blueprint and the national goals outlined in the Singapore Green Plan 2030. SMU’s Sustainable Financing Framework, developed in partnership with OCBC, enables the university to pursue green, social, and sustainability-linked financing with clear governance and transparency.
“This issuance is a strategic step in aligning our financial planning with our sustainability ambitions,” said Mr Lim Boon Wee, SMU’s Senior Vice President, Administration. “It allows us to fund infrastructure and initiatives that deliver both environmental benefits and positive social outcomes.”
Mr Lim Boon Wee, SMU’s Senior Vice President, Administration
The framework received a Second Party Opinion from Moody’s Investors Service, earning a Sustainability Quality Score (SQS2 – Very Good). Moody’s also reaffirmed SMU’s top-tier Aaa credit rating, citing the university’s strong financial health and governance.
SMU’s bond stands out in the education sector. While other local universities have issued green or sustainability-linked bonds, SMU’s approach integrates both environmental and social elements. A portion of the funds will directly support students from low-income backgrounds, reinforcing its commitment to accessible and inclusive education. 
“This milestone builds on OCBC’s long-standing collaboration with SMU,” said Ms Elaine Lam, Head of Global Corporate Banking at OCBC. “We’re proud to support this pioneering bond, which not only reflects SMU’s sustainability leadership, but also sets a powerful example for future generations.”
Ms Elaine Lam, Head of Global Corporate Banking at OCBC
