(Bloomberg) -- Germany is selling its first 30-year green bonds, in the longest pitch to investors to fund environmentally-friendly projects.

The sale will help enable Europe’s largest economy to build a full yield curve of such securities, the latest step in the development of the fast-growing market. It offered the debt at one basis point below comparable nominal bond yields, according to a person familiar with the matter, evidence of a so-called “greenium” for environmentally-friendly debt that enables cheaper borrowing.

Europe has emerged as the leader in sustainable debt issuance, surging this year to make up nearly a quarter of all sales in the region. The market is set to receive a further boost from the European Union’s plans to finance almost a third of its 800 billion-euro ($971 billion) recovery fund through green bonds.

The extra supply from Germany spurred a selloff in its 30-year bonds, with yields rising four basis points to 0.40%, the highest since July.

Germany mandated Bank of America Corp, BNP Paribas SA, Citigroup Inc., Commerzbank AG, DZ Bank AG and HSBC Holdings Plc as joint lead managers for the sale of debt maturing in August 2050. Its previous five-year offering saw lukewarm demand in November, following a watershed 10-year debut in September that racked up near-record orders.

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