Rand Merchant Bank (RMB) arranged and structured the 2026 Cape Water Performance-Based Bond and has planned further conservation outcome bonds in South Africa [IC].
Right of reply
This page describes Rand Merchant Bank only through its published statements and the public records of the deals listed. Rand Merchant Bank has not yet been invited to comment. Responses and corrections will be recorded here with their date. On register pages, [MS] marks a claim that rests only on the institution’s own statement or on statements by parties to the same deal.
In the register
The register follows instruments whose terms depend on a verified ecological outcome, the broad family of the performance-based bond. The register index explains its tiers, roles and claim tags.
| Deal | Year | Family | Role | Amount | Claim |
|---|---|---|---|---|---|
| Cape Water Performance-Based Bond (FR31PB) | 2026 | Outcome-linked bond | Arranger and structurer | R2.5bn issue | [IC] |
| RMB wild dog and lion outcome bonds (planned) | 2024 | Outcome-linked bond | Sponsor | About US$233m planned | [MS] |
In 2024 RMB planned about US$233 million of wildlife bonds for African wild dogs and for lion reintroduction in Mozambique, and said issuance “is not a certainty” [MS]. By July 2025 SANParks was in talks with RMB about conservation outcome bonds, including an expansion of the rhino bond [MS]. None had been issued by October 2026 in the sources found.
Related
- Nature Performance Bond Investor Register
- FirstRand Bank
- FirstRand Foundation
- International Finance Corporation
- Why Three Investors Anchored the Cape Water Bond
- Performance-Based Water Bonds
- Rand Merchant Bank on the Ward 2 Development Forum register, written for valley residents: Rand Merchant Bank
References
- RMB, “RMB launches Africa’s first nature-linked outcomes-based bond” (1 April 2026)
- JSE, “JSE welcomes Africa’s first nature-linked performance-based bond” (17 April 2026)
- BizNews/Bloomberg, RMB wildlife bonds (2024)
- Polity, RMB and SANParks mull conservation bonds (23 July 2025)
Provenance
Drafted on 15 October 2026 from the research brief Nature performance bond investors.md, compiled the same day from five research strands: outcome-linked and sustainability-linked bonds, environmental impact bonds, debt-for-nature conversions, insurers and reinsurers, and the largest asset managers with their regulatory context. Claim tags follow the brief, which never upgraded a claim without a source and lowered to [MS] any claim a research note had graded [IC] on the strength of a company’s own release. The headquarters country in based_in comes from general knowledge unless a deal record states it, and is to be confirmed. The brief’s search had limits: fund holdings filings, municipal bond disclosures and the Oxford INDIGO and Brookings impact bond databases were not searched, so a deal missing from this page may exist.