British utility firm Tideway has become the first corporate to issue a sterling-denominated blue bond.
The issuance, which aimed to raise £250m through an 8-year blue bond, was well received by investors and ended up being significantly oversubscribed.
Tideway is a utility company that has built and now maintains the Thames Tideway Tunnel. The project aims to intercept millions of tonnes of raw sewage that would otherwise pollute the River Thames.
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Tideway is already a significant issuer of green bonds, with more than £1.8 billion in sustainable debt currently on the market. The bond structuring and documentation were supported by Lloyds.
As of May 2025, over 7 million cubic metres of sewage had already been diverted from the river. Proceeds from the bond will continue to support the tunnel’s mission to clean up the Thames for future generations.
Mathew Duncan, CFO at Tideway, said: “Tideway was one of the first to issue green bonds as the project was getting underway, and so it’s great to be building on that legacy with this latest issuance. With the super sewer now protecting the tidal Thames, including, therefore, the Thames Estuary and the North Sea, it’s wonderful to be able to offer blue bonds in the UK for the very first time. Blue bonds emphasise the importance of the sustainable use and protection of water resources, highlighting the main purpose of the company – cleaning the river.”
