The Johannesburg Stock Exchange has listed Africa's first Nature-Linked Performance-Based Bond, the FirstRand Bank Cape Water Performance-Based Bond (FR31PB), a R2.5 billion issuance. The bond links part of investors' returns to independently verified ecological restoration outcomes, specifically removing invasive plant species from priority water catchment areas in South Africa to increase water flows into storage dams. The transaction involved RMB as arranger and structurer, with co-anchor investors including the International Finance Corporation, FSD Africa Investments, and Aluwani Capital Partners.