Press Release

Kestrel Verifiers Launches New Service Giving Underwriters in the US Municipal Bond Market the Ability to Add Verified Green, Social and Sustainability Bonds Labels on the Day of Sale to Competitive New Issues

FOR IMMEDIATE RELEASE: New York, NY, March 27, 2020 – To meet the accelerating demand for Green, Social and Sustainability Bonds, Kestrel Verifiers is expanding its services to give underwriters the ability to add accredited verifier labeled “Green Bonds,” “Social Bonds” and “Sustainability Bonds” designations to US Municipal Bond transactions on the day of sale in the competitive market. Kestrel is the first Approved Verifier in the world to offer verified labeling as a stand-alone product across the credit rating spectrum in the competitive market.

Kestrel Verifiers pre-qualifies deals on the competitive calendar to ensure that they meet the four pillars of the International Capital Market Association’s (ICMA) Green Bond Principles, the Social Bond Principles, and the Sustainability Bonds Guidelines. Underwriters will receive a list of pre-qualified deals via email. If they choose to incorporate the verification fee into the transaction, they may then market the deal as “Green Bonds,” “Social Bonds” or “Sustainability Bonds” on any pre-sale wires or marketing correspondence. After the sale, Kestrel will supply all necessary closing documentation, logos, and language for the final Official Statement and their “Second Party Opinion” report which will describe in detail how the deal met the Principles or Guidelines. It is important to note, that adding these labels does not require issuers to do any additional reporting beyond their normal continuing disclosures.

“As the world, the market, and all of our friends in Munis are reeling from the devastating impacts of COVID-19, we deeply contemplated launching a new service at this challenging time. Ultimately, with the support of many market participants, we decided that our innovative service could give more market participants the ability to differentiate their deals in a tumultuous market,” says Dana Villanova, COO and Head of Business Development at Kestrel Verifiers. Villanova continues, “As more ESG, Impact, Sustainability, Climate and Green Funds emerge and continue to grow, we saw that supply could not keep pace with investor demand for labeled Green, Social and Sustainability Bonds. The solution became clear; create more supply by giving more market participants the ability to add those labels on to their deals.”

Kestrel Verifiers is proudly based in the USA and of the 40 Approved Verifiers worldwide by the Climate Bonds Initiative they are the only Woman-Owned Small Business and Certified Women’s Business Enterprise. To date, they have verified over $2.4B* in Municipal and Corporate bonds.

Monica Reid, CEO of Kestrel says, “It is our goal to be viewed as ‘Green Bond Ambassadors’ for the market. We frequently conduct educational sessions for banking teams, FAs and the buy-side. We believe that the reputation of the Green Bonds market will be enhanced by adhering to internationally established standards from the ICMA and The Climate Bonds Initiative. As the Green Bonds market is maturing, verifier-labeled deals are being distinguished from issuer self-labeled deals. We believe that including our high-quality Second Party Opinion in deal documentation can help investors have confidence in the environmental and social benefits.”

For more information or to be added to Kestrel’s Pre-Qualification email list please email


For 20 years Kestrel has been a trusted consultant in environmental finance. Kestrel Verifiers, a division of Kestrel 360, Inc. is an Approved Verifier by the Climate Bonds Initiative (CBI) and is qualified to verify transactions in all asset classes worldwide. Kestrel’s project experience spans many sectors including water and wastewater, green infrastructure, waste to energy, low carbon buildings, renewable energy, pollution prevention, climate change adaptation, natural resources, and land uses. Monica Reid, CEO of Kestrel serves on California Treasurer Fiona Ma’s California Green Bond Market Development Committee.

Kestrel is one of 40 Approved Verifiers per the Climate Bonds Initiative (CBI)