China Green Bond Market Newsletter H1 2019 / 中国绿色债券市场季报 2019 上半年度

In the first half of 2019, total green bond issuance from China went up to USD21.8bn, a 62% increase year on year, largely due to contributions from regional banks and the private sector as a whole.

However, only 49% (or USD10.7bn) of H1 volume from Chinese issuers is in line with international green bond definitions. Another 49% has been excluded in accordance with CBI Green Bond Database Methodology. Of the remainder there are 5 deals on the Pending list, and they account for 2% (USD395.3m) of H1 issuance, where proceeds allocation disclosure is insufficient for us to determine alignment.

Issuance from financial corporates accounts for 41% of H1 total issuance, followed by non-financial corporates - 34%, government-backed entities -12.5% and ABS - 12.5%.

 

2019年上半年,中国发行的绿色债券总额达到1439亿人民币(218亿美元),同比增长62%,这主要由银行和企业的发行而驱动。然而,来自中国的发行只有49%(718亿人民币/107亿美元)符合国际绿色债券定义,根据CBI绿色债券数据库分类方法,另外49%被排除在外。有5只债券处于待定状态,占发行总额的2%。待定原因是募集资金分配的信息暂不足以作出判断。

金融企业发行量占2019年上半年发行量的41%,其次是非金融企业,占34%,政府支持的实体占12.5%,ABS占12.5%。

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