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Climate Bonds Blog

Wkly blog: First San Fran green muni bond ($32.9m) 40% oversubscribed & attracts new investors! Largest ever SEK green bond from Swedish PPP Fortum, SEK 2.5bn ($300m); BoA issues 2nd green bond ($600m); Green bond reports from Regency Centers and Vornado
Posted: May 16, 2015

This week we’ve seen two sizeable corporate green bonds come to market: a US$600m bond from repeat issuer Bank of America and a first issuance of SEK2.5bn ($300m) from Swedish energy provider Fortum Varme. There has also been a smaller green municipal bond issuance ($32.9m) from San Francisco Public Utilities Commission.

There were quite a few market developments too: State Street launched a green bond index fund that tracks the Barclays/MSCI green bond index; the World Bank finally made the second opinion on their green bond framework public; SRI membership organisation Eurosif put green bonds on the agenda for EU policymakers as part of the Capital Markets Union. And, as always, we have some green bond gossip for you.

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Wkly blog: First San Fran green muni bond ($32.9m) 40% oversubscribed & attracts new investors! Largest ever SEK green bond from Swedish PPP Fortum, SEK 2.5bn ($300m); BoA issues 2nd green bond ($600m); Green bond reports from Regency Centers and Vornado
超级油轮准备起航! : 中国绿色金融报告(人民银行连手联合国环境规划署Inquiry)的雄心议程: 绿色债券定义、风险加权、税收优惠及安排优先批发等等，以及中国兴业银行发行第一宗绿色债券。酷！(Chinese)
Posted: May 14, 2015

如有兴趣订阅中文版电子通讯，请联络黒田一贤 (info@climatebonds.net) 。

自上月中国人民银行发布《构建中国绿色金融体系》以来，此报告及其政策方向获得媒体高度关注。

此报告订立非常积极进取的议程，探讨如何透过政策及市场创新，加速发展中国绿色金融及资本市场。

报告亦详细讨论了绿色债券的发展路径! (而我们气候债券组织也有作为外国专家参与其中)

该报告是绿色金融工作小组的工作成果 – 超过40名专家所组成的小组由人民银行及联合国环境规划署Inquiry into the Design of a Sustainable Financial System共同召开，成员来自政府部门的政策制定者、金融行业代表和绿色金融国内外专家 (Sean 为其中一员)。

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超级油轮准备起航! : 中国绿色金融报告(人民银行连手联合国环境规划署Inquiry)的雄心议程: 绿色债券定义、风险加权、税收优惠及安排优先批发等等，以及中国兴业银行发行第一宗绿色债券。酷！(Chinese)
How to shift a supertanker: China Green Finance Rpt (PBoC+UNEP Inquiry) includes ambitious green bonds agenda: definitions, risk weighting, tax breaks + fast track issuance approval + first China green bond from Industrial Bank. 好酷喔 (that's cool!)
Posted: May 14, 2015

Since it was released late last month, a ground-breaking report, “Establishing China’s Green Financial System”, from China’s central bank, the People’s Bank of China (PBoC), released, has been getting a lot of media attention.

The report sets out an ambitious agenda for how China can green its rapidly developing financial and capital markets, using policy, regulatory and market-innovations.

It also details an impressive push for green bonds! (And yes, the Climate Bonds Initiative did have something to do with that.

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How to shift a supertanker: China Green Finance Rpt (PBoC+UNEP Inquiry) includes ambitious green bonds agenda: definitions, risk weighting, tax breaks + fast track issuance approval + first China green bond from Industrial Bank. 好酷喔 (that's cool!)
The review: first ever green covered bond (Pfandbrief) issued by German giant BerlinHyp - EUR500m, 7yr, 0.125%, AAA and 4x oversubscribed! Wunderbar!
Posted: May 8, 2015

The first EVER green Pfandbrief is a hit with 4x oversubscription AND 15 brand new investors for BerlinHyp! Plus it’s greening the cover pool – which is seriously cool! EUR 500m ($545m), 7 yr, 0.125%, Aaa/AA+

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The review: first ever green covered bond (Pfandbrief) issued by German giant BerlinHyp - EUR500m, 7yr, 0.125%, AAA and 4x oversubscribed! Wunderbar!
Weekly blog: TfL’s £400m green transport bond big success / China's first on the way / first M&A green bond for Senvion / NIB back in market with SEK 1bn ($116m) 5yr / littlies from EBRD, World Bank, City of StPaul, Mytrah Energy / + gossip
Posted: May 8, 2015

Development Bank issuance

Nordic Investment Bank issues its third green bond (SEK 1bn ($116m), 5 yr, 0.155%, AAA)

Nordic Investment Bank (NIB) has issued a SEK 1bn ($116m) green bond, its third SEK denominated green bond issuance (they call them Nordic Environmental Bonds – NEBs). The bond has a 5 year tenor, coupon of 0.155% and was rated AAA by S&P. SEB and Credit Agricole-CIB were the joint bookrunners for the deal.

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Weekly blog: TfL’s £400m green transport bond big success / China's first on the way / first M&A green bond for Senvion / NIB back in market with SEK 1bn ($116m) 5yr / littlies from EBRD, World Bank, City of StPaul, Mytrah Energy / + gossip
Talks this month: Vienna 8 May / San Francisco 12 & 13 / Vancouver 15th / Shanghai 18th / Beijing 19 & 21 May / London 3 June / Lisbon 5 June
Posted: May 6, 2015

Please come and say hello if you're at any of these events I'm speaking at:

8 May – Vienna (Austria): Kommunalkredit’s “Innovative Development Finance Workshop 2015”.

12 May – San Francisco: Climate Bonds briefing 2.30-4.30pm. Open to all! RSVP info@climatebonds.net

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Talks this month: Vienna 8 May / San Francisco 12 & 13 / Vancouver 15th / Shanghai 18th / Beijing 19 & 21 May / London 3 June / Lisbon 5 June
Invite: San Francisco Climate Bonds Update, 12 May 2.30-4.30pm. Sean Kidney on: a rocket green bonds mkt, Green City Bonds, stirring China, and how we can use green bonds to change the global narrative around climate change
Posted: May 5, 2015

Join us in San Francisco next week, 12 May 2015, for a briefing from Sean Kidney on what's happening and where we're going with the bubbling green & climate bonds market.

2.30pm for a 3.00pm start. Ends 4.30pm.

Topics:

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Invite: San Francisco Climate Bonds Update, 12 May 2.30-4.30pm. Sean Kidney on: a rocket green bonds mkt, Green City Bonds, stirring China, and how we can use green bonds to change the global narrative around climate change
1-3月期総括：グリーンボンド発行は72億ドルと控えめな立ち上がり。しかし通貨分散と低格付け債発行で成熟化を確認。新興国債、地方債の発行が活発。(Q1 rpt in Japanese)
Posted: May 5, 2015

Quarterly market updates will now be published in Japanese and Chinese.日本語版ブログ配信をご希望の方は黒田一賢(info@climatebonds.net)までご連絡ください。

2015年1-3月木は44のグリーンボンド、額にして72億ドルのグリーンボンドが発行された。1月の控えめな立ち上がりから毎月発行額が増加。3月の発行額は1月の3倍に上った。今年は再びグリーンボンド発行額が過去最大となる見込みだが、年末にパリでのCOP21を予定しており年後半にい発行が集中する模様だ。 

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1-3月期総括：グリーンボンド発行は72億ドルと控えめな立ち上がり。しかし通貨分散と低格付け債発行で成熟化を確認。新興国債、地方債の発行が活発。(Q1 rpt in Japanese)
Reflections on Legal Issues Associated with Green Bonds: a reflection by Climate Bonds Senior Fellow Motoko Aizawa from our NYC legal workshop
Posted: May 4, 2015

By Motoko Aizawa, Senior Fellow, Climate Bonds Initiative   

 

A 45 MW power plant running on soybean and recycled cooking oils, enough solar panels to cover six football fields, and 7 MW worth of fuel cells – when Syracuse Industrial Development Agency issued, on behalf of developer Destiny USA, $228 million tax-exempt green bonds in 2007 to finance a massive addition to a shopping mall, these were the green promises.  And they remained exactly that:  just promises. 

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Reflections on Legal Issues Associated with Green Bonds: a reflection by Climate Bonds Senior Fellow Motoko Aizawa from our NYC legal workshop
Q1 Green Bond Underwriters League Table: Green muni issuance launches JP Morgan to the top. Morgan Stanley comes second, and BAML third
Posted: Apr 28, 2015

All change at the top of the underwriter’s league table in Q1 2015 compared to the standings for Q4 2014. JP Morgan takes the lead for the first time ever! Despite not being involved in the 3 biggest deals of Q1, JP Morgan still managed to come out top after underwriting green municipal bonds for Iowa and City of Tacoma. JP Morgan was also involved in green bonds from KfW, Kommunalbanken and World Bank during Q1. 

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Q1 Green Bond Underwriters League Table: Green muni issuance launches JP Morgan to the top. Morgan Stanley comes second, and BAML third
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