藤井良広氏は上智大学大学院地球環境学研究科教授。
Climate Bonds Blog
Posted: Oct 11, 2014
Climate Bonds諮問委員会委員に藤井良広教授（上智大学）が就任 / New Climate Bonds Advisory Board member: Prof Yoshihiro Fujii of Tokyo’s Sophia University
Posted: Oct 10, 2014
Following the continued success of their EUR “Climate Awareness Bonds”, EIB has now issued a USD green bond. The US $1bn bond has a maturity of 10 years - they're pushing terms out with this and their EUR 12 year bond - and a 2.5% interest rate.
EIB issues first USD Climate Awareness (green) bond, and it’s another big one: $1bn, 10yr, 2.5% coupon. Note the tenor. That takes 2014 issuance over $32bn
Posted: Oct 10, 2014
In Frankfurt yesterday I met with the KFW (Germany’s development bank) Capital Markets team, who ran through their latest green bond in USD. A strong result.
Germany’s KfW issues largest ever USD green bond - $1.5bn! (AAAe, 1.75%, 5yr) and it’s still 1.6x oversubscribed
Posted: Oct 9, 2014
A note for our readers in Japan, marking the importance of the Development Bank of Japan green bond.
日本政策投資銀行（DBJ）が日本の発行体として初のグリーンボンドを発行した。発行額は2億5,000万ユーロ（3億1,500万ドル）、表面利率0.25%、償還期限3年。ムーディーズ及びS&Pの格付けはそれぞれAa3、A+。応札倍率は3倍以上の7億5,000万ユーロ以上で、日本のグリーンボンドに対する非常に強い投資家需要を確認した格好だ。引受主幹事はバンク・オブ・アメリカ・メリルリンチ、モルガンスタンレー、シティ、大和証券。同債券は外部認証機関DNV-GLより認証を受けている。
調達資金はDBJ Green Building認証システムに基づくグリーン不動産5件へ融資される。同行の認証システムでは社会面、災害予防・管理面に加え、エネルギー効率、節水、水資源の再利用等で不動産を評価する。
日本政策投資銀行（DBJ）がグリーン不動産債券を発行、発行額は2億5,000万ユーロ（3億1,500万ドル）、表面利率0.25%、償還期限3年、格付けAa3/A+、応札倍率3倍。日本の機関投資家のグリーンボンド投資の引き金となるか。(For Japan)
Posted: Oct 8, 2014
Development Bank of Japan (DBJ) has issued the first green bond from a Japanese issuer; EUR 250m with a 0.25% coupon and 3 year tenor. Moody’s and S&P have rated the bond Aa3 and A+ respectively. The bond was over three times subscribed – EUR 750m! – making it clear that there’s strong investor demand for Japanese green bonds. Underwriters were Bank of America Merrill Lynch, Morgan Stanley, Citi and Daiwa. The Second Opinion was by DNV-GL.
Development Bank of Japan issues green property bond, EUR 250m ($315m), coupon 0.25%, 3yr, Aa3/A+ - 3x oversubscribed! Will this be the trigger for Nippon institutional investment in green bonds?
Posted: Oct 7, 2014
Incoming European Commissioners have to run the gauntlet of European Parliamentary committees to be confirmed in their jobs, a bit like nominated senior officials of the US Administration.
Incoming EU Commissioner for Financial Stability, Financial Services & Capital Markets Union, Jonathan Hill says he hopes to build a capital markets union that ... supports green bonds. True!
Posted: Oct 7, 2014
After a quiet August, green bonds issuance in September went through the roof – there have been 17 green bonds issued taking the total issuance amount year to date to US$28.86bn (see green bonds graph on our home page for details).
Media interest matched momentum. There was discussion about growth prospects, whether the market was really contributing, and about whether standards were needed. Let us know if we missed a story and we’ll try and include it next month.
Media digest for a hot September: stories in GlobalCapital,Les Echos,FT, II, IP&E,Guardian,Bloomberg and much much more
Posted: Oct 7, 2014
Canada’s Province of Ontario has just issued the first CAD-denominated green muni bond, in what they have indicated will be an ongoing program. The semi-annual coupon is 1.75% with 4 year tenor. Moody’s have rated the bond Aa2e; DBRS AAALe. Underwriters were Bank of America Merrill Lynch, CIBC, HSBC and RBC Capital Markets.
The indicative pricing for the bond was set around CAN 1.25% 1Sep18+38.5bps. It ended up closing 0.5bp tighter than initial price guidance, at +38bps versus the benchmark Canada bond.
Investor demand was strong, with CAD 2.4bn of orders. Yes, that's 2.4bn of orders for a 500m bond. Call that "investor demand".
Ontario issues long-awaited inaugural green bond; CAD 500m ($448.1m), 1.75%, 4yrs, Aa2e. Mixed portfolio. Nearly 5x oversubscribed! Go Canuks!
Posted: Oct 7, 2014
Swedish real estate services company Fastighets AB Förvaltaren, owned by the municipality of Sundbyberg in Stockholm, issued its first green bond late last week. Förvaltaren have only recently re-entered the bond market after a 20 year gap with a new bond since in the spring this year (SEK350m) - and just a few months later they are issuing green bonds!
Sweden’s Förvaltaren issues $55m (SEK 400m) green property bond, 5yr, AA-. Another Swedish Green City Bond!
Posted: Oct 3, 2014
By Beate Sonerud, Climate Bonds Policy Analyst
This post marks the beginning of a series of “under the hood” blogs where we will do deep dives into issues we see in the green bond market.
Under the hood: What to do with a renewable energy bond with a dash of coal? Ooooh .... tricky.