China’s Trina Solar is issuing US$100m of convertible bonds with 5-year tenor and 4% annual coupon, with semi-annual payments. An extra US$15m could be raised, as Trina has given the underwriters a 1-month window to buy additional bonds.
Climate Bonds Blog
Posted: Oct 2, 2014
China’s Trina Solar goes for a convertible solar bond: US$100m, 5yr, 4% coupon. It’s a challenging market environment for solar but the bonds keep coming.
Posted: Oct 2, 2014
We are generally a proponent of “vanilla bonds”: simple bond structures that can most easily fit into institutional investor portfolios.
The world of retail bonds can be different; in fact it can look like a whole different planet with interest rate complexity seen as a selling point rather than a barrier.
World Bank goes retail with 3 small green bonds for $5m, EUR10m & $30m - all with complex coupon structures. Last one was 3x oversubscribed.
Posted: Oct 1, 2014
(For you poor non-Norwegian readers, we publish in norsk to celebrate that this is the first corporate green bond as well as largest green bond in Norway, and the first hydro-only green bond in the world.)
Av Beate Sonerud, Climate Bonds Initiative policy analyst
BKK utsteder de første grønne obligasjonene fra en norsk bedrift - NOK 1.1mrd ($171.7mill.), løpetid 7 år og kjøpt opp I løpet av 3 timer! Sterk etterspørsel - forvent flere grønne obligasjoner i det norske markedet
Posted: Sep 27, 2014
I've been in Montreal today discussing the prospects for green property bonds and arguing it's as much about re-financing as new projects. We want an owner of a green hotel chain to be able to issue green bonds (and hopefully expand the chain) as much as an owner doing a new retrofit.
MIT issues green property bonds to refinance green buildings, $370m, 24 yr, 3.959% coupon, Aaae. We like!
Posted: Sep 26, 2014
Yesterday, The Nordic Investment Bank (NIB) issued their 6th (and largest!), green bond, to date: The USD 500mn, AAA-rated bond, with 7-year maturity and 2.25% coupon, was more than 1.6x oversubscribed, according to the bank’s press release. Joint book runners were BofA Merrill Lynch, Crédit Agricole CIB and SEB.
Nordic Investment Bank issues US$500m, 7yr green bond – benchmark size & longest green bond issued by a supra in USD to date. 1.6x oversubscribed!
Posted: Sep 26, 2014
BKK, a Norwegian power company based in Bergen, yesterday closed Norway’s first corporate green bond. It overtakes IBRD’s NOK 400m bond as the largest green issuance in Norwegian Krone.
Norway Fjordland's BKK dives in with a green hydro bond - NOK 1.1bn ($171.7m), 7yrs - closes bond within 3 hrs! Yes, strong demand. Expect more green hydro bonds!
Posted: Sep 25, 2014
The Overseas Private Investment Corporation (OPIC) is the US government’s development finance institution. It has just issued $47.3m of something called “Green Guaranties”, also known as government-guaranteed Certificates of Participation (CoP)". The interest rate is 3.28%, tenor is 15 years and Bank of America Merrill Lynch was the underwriter.
Now here's something to like: OPIC issues $47.3m green project bond with a guarantee. Good example of how rich world can assist developing.
Posted: Sep 24, 2014
It's the day after the UN Climate Summit party in New York. Yes I do feel as if I'm hungover; but it was a gas. If you're one of those who worry about the world, there is something magical in being inside the totemic General Assembly, with its embodiment of one world idealism.
Ban Ki Moon's audacious Summit convening (that's really the only power we allow him) made for a really useful event: it bought out marchers around the world to ask their governments for action; and it extracted some useful new commitments, such as:
Electric Climate Finance session at UN Summit: insurers go wild with promises; investors plead for green investments; Jim Kim almost breaks out in song about green bonds
Posted: Sep 24, 2014
Massachusetts closed their second green bond last night. They were nearly 3x oversubscribed!
Meanwhile, in the real world, Mass $350m green bond is 3x oversubscribed, and California upsizes its green bond from $200m to $300m. To think they were nervous!
Posted: Sep 23, 2014
+ Green Bond commitments announcement for next 12 months by issuers, banks and investors
At the UN Climate Summit in New York, today: Investors representing over two trillion dollars of assets under management today issued an Investor Statement on Green Bonds and Climate Bonds, committing to grow a global market in the financing of climate change solutions. At the same a group of 13 development banks, investors and issuers committed themselves to further developing the Green Bonds market.
USD2tn of investors back Green & Climate Bonds to tap USD100tn bond market for climate solutions, call on corps & govts to deliver projects for finance