When France-based international water utility Saur priced a €550 million ( US$595 million ) 4.875% five-year public blue bond on October 16th, it was a first of its kind in Europe as well as a first for a water utility. Pretty remarkable given the ESG labelled bond market has been around for more than a decade. The bond signalled an acceleration of interest in blue bonds, i.e., bonds that specifically fund water-based projects.