The Massachusetts AA+ green bond I mentioned last week got a lot of coverage on release this week - even the WSJ ran the story. But there was a twist: it seems the State had to scale back the total $1.1bn GO offering to $670m on tepid demand, but the green bond bit was 30% oversubscribed.
Climate Bonds Blog
Posted: Jun 6, 2013
Mass slashes GO bond offering ... but $100m green bond bit oversubscribed. Could that be a "market signal"?
Posted: Jun 3, 2013
We have over 200 people signed up for our first Paris Climate Bonds seminar tomorrow with CDC Climat! If you can't join us by the Seine (it's going to be a beautiful 20C and sunny!) then you can listen in remotely via http://www.eyedo.com/en/WhiteBoard/Evenement/4002. 14:30-16:30 CEST.
This is a sneak preview of my remarks tomorrow:
Steering Capital towards a Low Carbon Economy
The other option to shifting investment: capital steerage / Listen in to tomorrow's sold-out Paris Climate Bonds seminar
Posted: May 24, 2013
Reuters reports that the US State of Massachusetts will issue $100 million of Green General Obligation Bonds, as part of a $1.115 billion parcel of bonds to be issued on 4 June 2013.
For credit purposes the bonds are standard Massachusetts State Government Bonds. The difference is that the State is guaranteeing to use the proceeds to finance “environmentally beneficial” projects.
Massachusetts to issue AA+ $100m Green Bond on 4 June
Posted: May 20, 2013
Tesla Motors' inaugural bond issue has been, as you'd expect, electrifying (just had to say that). The US electric sports car manufacturer has just issued a 5 year, $600m convertible bond in a fundraising program which has seen it raise approximately $1bn through shares and convertible bonds. Coupon is 1.5-2%; conversion premium is 35%; bookrunners were JPMorgan, Goldman Sachs, Morgan Stanley.
Tesla issues $600m, 5yr EV convertible bond / Reminder: join our Green Sukuk webinar this Thurs 2pm London time - http://goo.gl/3zYqD
Posted: May 15, 2013
Join us next week for this webinar on
Green Sukuk – why, what, howFinancing renewable energy in the Islamic World
From the Green Sukuk Working Group: Gulf Bond and Sukuk Council / Climate Bonds Initiative / Clean Energy Business Council MENA
Invitation: Green Sukuk Webinar - 23 May 2013, 5pm Dubai / 3pm CET / 2pm BST / 9am EDST
Posted: May 14, 2013
The Climate Bonds Initiative | CDC Climat (Group Caisse des Dépôts)Supported by EuroPlace |The Paris Financial Markets Organization
Invite you to a seminar
Financing the energy transition in France: What role for Climate Bonds?Paris | Tuesday 4 June 2013, 14:30 – 18:30
Caisse des Dépôts | 15, quai Anatole France 75007 Paris
The mobilization of private finance will be a key factor in achieving a low-carbon energy transition in France. Bonds will have to be a key part of the mix of capital instruments. What are the next steps?
Programme
Join us in Paris, 4 June: Seminar "Financing the energy transition in France: What role for Climate Bonds?"
Posted: May 12, 2013
Germany’s MBB Clean Energy AG last week raised a 6 year, €72 million ($94.6m), saying it would invest the proceeds in 1,500 MW of existing wind and solar power plants. Coupon was 6.25%. The bond will be listed on the Frankfurt Stock Exchange. Bookrunner was Donner & Reuschel AG.
Germany’s MBB issues €72m clean energy bond / BlackRock’s Schulten calls for green bond standards / first Climate Bond Standard verification / NY Green Bank looking for a President
Posted: May 8, 2013
According to the Wall Street Journal’s MoneyBeat column, Mario Draghi on Thursday said the European Central Bank (ECB) was working to promote a funding market for asset-backed securities, which allow banks to pool together shorter-term debt they have sold – such as car loans, credit cards, and residential mortgages – and sell those pools as a single package to investors.
This is welcome news.
ECB's Draghi backs the need to support securitization – let’s make that ‘green’ securitization!
Posted: May 8, 2013
The Climate Bonds Initiative is focused on mobilizing institutional investors, such as pension funds, to help engineer a rapid transition to a low-carbon - and sustainable - economy.
Fiduciary duty is the term used to describe a pension fund trustee's responsibility to act in the best interests of the person whose assets they are in charge of. The boundaries of that responsibility have usually been defined as being limited to stock (and bond) picking decisions; but such an approach can be limiting in the face of systemic threats like the financial crisis - or climate change.
Webinar: ITUC President Sharan Burrows in conversation on fiduciary duty, tomorrow 9 May @11am EDT / 4pm BST
Posted: May 3, 2013
Fund manager Foresight Investment has issued a £60m bond - Senior Secured index-linked notes with a 21 year maturity - with the funds being used to refinance four of the solar parks it has developed in the UK. The solar parks are FIT-accredited with aggregate output of 15.70MW. The bond has been issues under the name Mirabaud Securities LLP; bookrunner is Independent Debt Capital Markets, with the bond to be listed on the London Stock Exchange. Coupon is 2.598%.
Foresight issues £60m, 21yr, solar bond to refinance UK solar parks - first swallow of summer?