Check out the latest quarterly developments and trends of the Chinese green bond market
Full versions in both English & Chinese is available here.
In spite of the fact that Q3 issuance of USD8.5bn translates to a 9% drop from the USD9.4bn in Q3 2017, the total amount of green bond issued in the first three quarters of 2018 has reached USD21.5bn, surpassing the USD20.9bn issued in the same period last year. So far, China’s green bond market has been primarily driven by the momentum in the beginning of this year.
In the Q3 newsletter, we found that 49% (or USD4.2bn) of quarterly volumes from Chinese issuers is aligned with international green bond definitions, while the rest has been excluded in accordance with the CBI Green Bond Database Methodology. Proceed allocation to working capital and assets/projects that are not aligned with CBI Taxonomy remain the primary reasons for exclusion.
The largest proportion of Q3 proceeds were allocated to Renewable Energy, as defined by CBI. The share allocated to Water has been increasing since the beginning of this year, from 7% in Q1 to 18% in Q3. Proceeds will be used for a variety of project types, ranging from wastewater treatment to stormwater collection and water distribution.
EY remains the largest external reviewer for Chinese issuance, followed by Lianhe Equator, Deloitte and CECEP Consulting. China Construction Bank’s USD500m deal was the only Certified Climate Bond from a Chinese issuer in Q3.
With the release of the updated Climate Bonds Taxonomy, CBI has started reviewing previously excluded green bonds especially those for utility tunnel and hydro projects. A bond may be included in our database retrospectively if proceed allocations are compatible with the updated asset types and screening indicators. This reflects the evolution of scientific thinking and internal guidance on assets categories.
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Climate Bonds
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尽管今年第三季度85亿美元的发行规模相比2017年第三季度的94亿美元下降了9％，但2018年前三季度发行的绿色债券总额已达到215亿美元，超过去年同期发行的209美元规模。其中第一季度增长速度较快。
第三季度来自中国发行人的发行额中有49％（42亿美元）与国际绿色债券定义一致，而其余的则根据CBI绿色债券数据库方法论排除。募集资金投向企业一般运营资金以及不符合气候债券分类方案的资产/项目仍然是债券被排除的主要原因。
根据CBI的定义，可再生能源是募集资金最大的投放领域。自今年年初以来，绿色债券资金在水领域的使用比例持续增加，从第一季度的7％增加到第三季度的18％。募集资金在水项目领域的使用多种多样，包括从废水处理到雨水收集和分配。
第三季度，安永依然是最大的外部核查机构，其次是联合赤道、德勤和中节能咨询。中国建设银行5亿美元的绿色债券是第三季度来自中国发行人的唯一通过 CBI认证的气候债券。
随着最新版气候债券分类方案的发布，CBI 已经开始审查以前被排除在外的绿色债券，尤其是为水电和地下管廊融资的债券。如果一只债券与新的资产类别和筛选指标相容，则有可能被追溯纳入到我们的数据库中。这反映了科学认知和资产类别的内部指导的演变。
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气候债券倡议组织
免责声明: 本文所提供的信息不构成任何投资建议，气候债券倡议组织并不是投资顾问。气候债券倡议组织并没未提供任何关于投资优缺点的建议。 投资决定完全取决于投资者自身。气候债券倡议组织对任何个人或机构的任何投资以及代表任何个人或机构的第三方机构的任何投资概不负责。
