Münchener Hypothekenbank eG has just issued an “ESG-labelled” covered bond (or Pfandbriefe, as covered bonds are called in Germany) for refinancing of housing cooperatives. Oekom Research provided a second opinion on the “social” benefits – you can find it on our web site.
Climate Bonds Blog
Posted: Sep 22, 2014
MünchenerHyp cracks first thematic covered bond! EUR300m ($389m) Aaa 5yr, for coop housing. 1.6x oversubscribed. It’s the prototype for a Green Pfandbrief – at last!
Posted: Sep 20, 2014
This week I'm in San Francisco, speaking about the green bonds market and where it's going at events kindly convened by the California State Treasurer's Office and the California State Controller's Office.
This is the same week that the State Treasurer's Office is out in the market with the first California Green Bond (fully aligned with the Climate Bonds Taxonomy).
Then, as I arrive in Sacramento to visit the Treasurer's Office. I'm told they've just bought a $250 million World Bank green bond! They're the sole investor. This certainly is California's week.
California isn’t just issuing green bonds – it's buying them too! World Bank issues $250m bond solely for California State Treasurer's Office, 2yr, AAA
Posted: Sep 20, 2014
The European Investment Bank (EIB) last week increased the issuance of its Climate Awareness bond due 2026 to EUR 750m.
EIB taps 2026 EUR bond for as a further EUR 250m ($323m) just 7 days after issue
Posted: Sep 17, 2014
Solar financier Big60Million Ltd today announced that the first Certified Climate Bond in the UK, a “mini bond” of £4 million, was in the market. The bond closes 30 September; they expect to issue further tranches in the near future.
Big60Million launches UK’s first certified climate bond
Posted: Sep 16, 2014
A bit over a week ago the EIB launched a ZAR 400m (EUR 29m) tap of the 6.75% Climate Awareness Bond. Joint lead managers: Citi and Morgan Stanley.
Littlie from EIB: Rand 400m ($29m) tap of big bertha Climate Awareness Bond
Posted: Sep 16, 2014
By Beate Sonerud, Climate Bonds Initiative policy analyst.
According to a released agenda, the Coaltrans world coal conference in October is planning to discuss: “Green bonds and the coal industry – A new frontier?". We could free up some time on their agenda right now by providing a simple answer: No, it is not.
World Coal conference looking at green bonds for “clean” coal investments. Hmmm. NOT a new frontier
Posted: Sep 16, 2014
I’m in Manila, in the Philippines. It’s been gusty and raining – there’s a typhoon crossing the northern part of the island. A modest reminder of last year’s devastating storm that destroyed the southern coast of Luzon.
I’m here for a meeting of an "International Expert Group on Using Climate Finance to Leverage Sustainable Transport". Ironic really, as it took an hour to get 12kms through the crazy traffic from the airport. But of course this is a not a rich country; the route to the ubiquitous glass skyscraper zone I’m in passes through acres of teetering favelas, piled up close to the edge of the airport.
Musings from Manila on bridging the gap between young and capital needy emerging markets and capital rich ageing countries
Posted: Sep 14, 2014
In the most recent European Central Bank (ECB) meeting, it was announced that the ECB is starting a purchase program for asset-backed securities (ABS) and covered bonds. EU’s finance ministers were yesterday discussing how to restart securitisation markets. This adds to the announcements earlier this summer that the EU’s capital requirements for covered bonds and ABS under Solvency II are expected to be lower than initially planned.
ECB’s decides to buy asset-backed securities and covered bonds – let’s make that green securities!
Posted: Sep 13, 2014
France’s bilateral development bank, Agence Française de Développement (AFD) entered the green/climate bond market in style this week with a huge first issuance of EUR 1bn. Tenor is 10 years with a coupon of 1.37% and strong rating of AA/AA+ (S&P and Fitch). Bookrunners for the issuance were Bank of America Merrill Lynch, BNP Paribas, Credit Agricole CIB and HSBC.
AFD goes BIG with first climate bond and gets investor diversification - EUR 1bn ($1.3bn), 10yr, AA/AA+, coupon 1.37, Bravo France!
Posted: Sep 12, 2014
Rating from Fitch's is 'A Stable'. Expected to close in a couple of weeks.
Also, Massachusetts has upped it's green bond coming out next week from $250 to $350 million. Investor demand I guess.
Now can you guess which will be the third US State to issue a Green Muni? It's in the works.
Yes, this means a US Green Muni market is readying for take-off.
Alert: California is about to issue its first $200m green bond, the second US State to do so. + Massachusetts ups to $350m