A long-tenor - 32 year - CAD 231.5 million (USD 218 million) green bond was successfully issued this week to fund the building of two new hospitals in Campbell River and the Comox Valley of British Columbia.
The A- bond was over-subscribed, according to the BC Government’s media release.
Underwriters were National Bank Financial and Bank of Nova Scotia. The bond yield is 165 basis points more than a government benchmark security. Investors included insurance companies and fund managers.
The first Italian green bond was issued last week by Hera, an Italian energy, water and environmental services utility operating in the Emilia-Romagna, Triveneto and Marche regions.
It’s a EUR 500 million, 10 year corporate bond with proceeds ring-fenced for green projects. Hera’s rating is BBB with stable outlook by S&P and Baa 1 negative outlook by Moody’s. Coupon is 2.375% - yes, that is low..
See our running total graph at www.climatebonds.net. It was just under $11 billion last year.
You'll have to wait a little longer for our year-to-date roundup to get the details!
This year's "Bonds and Climate Change: State of the Market 2014" report will feature an update on the "underwriter-labeled" green bonds market as well the usual full analysis of bonds related to climate change. They amounted to $346 billion outstanding in last year's report; we can tell you that this year's figure will be North of that.
London: Thursday 17 July 2014, 4-6pm, kindly hosted by Shearman & Sterling.
Frankfurt: Monday 21 July 2014, lunchtime, kindly hosted by Allianz.
RSVP: info@climatebonds.net
RSVP to justine@climatebonds.net(link sends e-mail)
We expect that Green Property Bonds are going to end up being 50% of the exploding green bonds market. Green Property Bonds can be issued against the whole value of a green building, or the value of a buildings portfolio. They can also be issued against a portfolio where the owners are planning to make it green. Lots of options.
But critical to making this concept work will be investor confidence in what is a green building.
Time: 10:00 am- 12:00 pm, Monday 7 July 2014
Venue: TKP Otemachi Conference Center, Hall 16 1-8-1 Otemachi, Chiyoda-ku, Tokyo
A presentation by Climate Bonds CEO Sean Kidney will be followed by a discussion.
Simultaneous interpretation will be available (English-Japanese)
If you would like to come along, send an email to Mr. Nabeshima at green-inv@jp.kpmg.com by Wednesday this week, and include following information: name, affiliation, address (home or business), phone number, and email address.
Participants are kindly requested to bring a printed confirmation email from the secretariat and ID with a photo.
By Rozalia Walencik and Sean Kidney
Nederlandse Waterschapsbank (NWB), a Dutch bank that lends to public sector and social entities, today announced its first green bond at EUR500m. NWB is rated Aaa (negative) / AA+ (stable). Bookrunners were Rabobank, SEB and HSBC.
The bond had an initial target of midswaps plus 10 basis points. In the end orders were very strong, and after only two hours there were $1.8bn of orders for $680m issued.
This lunchtime talk with Sean Kidney and Nick Silver is co-hosted with the Chartered Institute for Securities & Investment.
Time: 12:30- 14:00, Wednesday 2 July 2014, Venue: Shearman & Sterling, 9 Appold Street, London, EC2A 2AP
Overview: Climate bonds are not just securities for financing green energy projects – this $356bn market is developing rapidly and has a clear ethical bent. Come and learn what Climate Bonds are, how this market is growing as well as the prospects for both Climate Bond certification and sector indices.
Speakers
GBP260 billion Aviva Investors is one of the gorillas of the investor world. Speaking at Monday's Environmental Bonds conference in London, Aviva's Head of Instituional Credit,
Our Climate Bonds Green Property (expert) Working Group last week published for comment their proposed eligibility criteria for property investments to be certified under the Climate Bonds Standard.
We're holding a series of webinars to run through the proposed criteria and seek feedback.
The webinars are being co-hosted with:
