There's really only a couple of bond-issuing weeks left, so we may yet fall short of target! Still, I guess we've already seen the market more than triple last year's issuance ...
Climate Bonds Blog
Posted: Nov 25, 2014
US$34.3bn of (oversubscribed) green bonds so far this year. I'm biting my nails: will we make $40bn? Come on issuers!
Posted: Nov 22, 2014
Martha’s Vineyard Land Bank (MV Land Bank), the Massachusetts-based municipal bank, has issued US$35m of AA-rated green bonds. The bond has a range of maturities from 5 to 20 years, with semi-annual coupons ranging from 3.25 to 5%. This first green offering from MV Land Bank is callable, and exempt from federal and state tax, as is common for municipal bonds in the US. RBC Capital Markets was underwriter for the bonds.
Martha’s Vineyard Land Bank issues green muni bond ($35m, 5-20 years, AA-rated) – it’s green, but not climate: Proceeds go to purchase of properties and land
Posted: Nov 21, 2014
Canada’s Northland Power issued an asset-backed bond (ABS) last month through a SPV (Northland Power Solar Finance One LP). The amortising bond was a private placement of CA$232m with 18-year tenor. Semi-annual coupon is 4.397% and DBRS (Canadian credit rating agency) rated the issue BBB.
New Canadian Climate bond: Northland Power releases a pretty big ABS - CA$232m (US$206m) - backed by solar projects with proceeds for renewables. 18-year tenor, 4.397% coupon, BBB. Securitisation key future area for green bonds.
Posted: Nov 20, 2014
Join us in Washington D.C for a roundtable discussion on standards for green bonds on Thursday, 11th of December 2014 at 11 am; Climate Bonds Standard – helping the green bonds market deliver on its potential.
2014 has seen an explosion in green bonds issuance – over $34 billion have been issued this year alone tripling the 2013 figure and raising the 2015 expectations to $100 billion. New issuers, new investors and first-ever market indices prove that green bonds have a real potential to shift substantial capital towards investments that bring the world on the road to a low carbon and climate resilient economy.
Save the date: 11 Dec, Washington D.C. - Roundtable discussion: 'Climate Bonds Standard – helping the green bonds market deliver on its potential'. Request an invite, spaces are limited!
Posted: Nov 19, 2014
Beijing: Today, air quality is merely seven times WHO maximum safe limits. A relatively good day for this city. This year I’ve been yo-yoing to China working on how to develop green finance and green bonds in the country, much of which has been part of projects convened by Simon Zadek, co-Director of the UNEP Inquiry into the Design of a Sustainable Financial System.
Report from Beijing: PBoC Chief Economist Ma Jun’s green finance workgroups close to the finish line -ambitious proposals on the table
Posted: Nov 19, 2014
Austrian power company Verbund AG released a EUR 500m ($623m) green bond last week. The use of proceeds bond is rated BBB+ by S&P and has a 10 year tenor. The joint lead managers for the deal were Commerzbank AG, JP Morgan, Raiffeisen Bank International, Societe Generale and UniCredit Bank Austria AG.
Austria’s first green bond from power company Verbund AG - EUR 500m($623m), coupon 1.5%, 10yr tenor, BBB+, proceeds to fund Wind (compliant with Climate Bonds Standard) & EE in Hydro
Posted: Nov 19, 2014
By Beate Sonerud, Climate Bonds Policy Analyst
Nord-Trøndelag Elektrisitetsverk (NTE), a Norwegian utility, has issued NOK750m (US$110.2m) of corporate green bonds in 3 tranches with varying maturity and floating coupons:
Norwegian utility NTE issues NOK750m ($110m) of green bonds in 3 tranches to refinance hydro: 3, 5 & 7 yrs. Green bonds for refinancing key to grow the market. Oversubscribed in 2 hrs!
Posted: Nov 16, 2014
The Hawaii State Department of Business, Economic Development and Tourism (DBEDT) has issued US$150m of AAA-rated green asset-backed securities in two tranches. The first tranche for US$50m has an 8-year tenor and coupon of 1.467%. The second tranche for US$100m has a 17-year tenor and 3.242% coupon. Goldman Sachs and Citi were joint bookrunners.
Aloha! Hawaiian State Govt issues green ABS for solar: $150m, AAA in two tranches: 50m, 8yr, 1.467% + 100m, 17yr, 3.242%. An excellent example!
Posted: Nov 14, 2014
The International Cooperative and Mutual Insurance Federation (ICMIF), representing members with a collective US$ 8 trillion of assets under management, today joined the Climate Bond Standards Board, the organization working to clarify climate smart investments for bond investors.
Climate Bond Standard & Certification Scheme is a project of the Climate Bonds Initiative, which aims to mobilize capital markets for rapid transition to a low-carbon and climate resilient economy. It is overseen by a board now representing over $32 trillion of assets under management.
International Coop & Mutual Insurance Federation, representing $8 trillion, joins Climate Bonds Standard Board
Posted: Nov 11, 2014
RaboBank, the world's leading food and agricultural bank, has signed up as a Climate Bonds Partner. Evertjan Manuels, Head of Corporate Fixed Income Origination at RaboBank, said:
"We joined because the effort the Climate Bonds Initiative is taking in encouraging issuers, supporting investors and developing standards is pivotal to growing this market - and we see many opportunities to work together, for example in developing green bonds for the agricultural and food sectors."
Dutch giant RaboBank signs up as a Climate Bonds Partner