Climate Bonds Blog

Morgan Stanley & Credit Ag shopping proposed EDF green bond this week / EIB issues 4yr ZAR500m ($48m) climate bond

Posted: Nov 12, 2013

Electricité de France (EDF) is planning a Euro bond linked to their renewable energy assets. They’ve mandated Morgan Stanley and Credit Agricole CIB to arrange a series of investor meetings in Europe over the coming week. No word yet on size. EDF is rated A+/Aa3/A+ (Stable/Neg/Neg) by S&P/Moody's/Fitch.

It seems that EDF have been convinced that self-certification will not fly (hallelujiah), so project eligibility and selection criteria has been reviewed by ESG analysts Vigeo, who did the big Air Liquide bond. Tracking and reporting of disbursements will also be audited by an independent third party – a good development.

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Morgan Stanley & Credit Ag shopping proposed EDF green bond this week / EIB issues 4yr ZAR500m ($48m) climate bond

SolarCity rooftop solar lease securitization nears fruition / If you're in Warsaw @COP19 come and hear me speak at 3 side-events

Posted: Nov 11, 2013

US firm SolarCity announced last week that it was seeking to make a private placement of a $54.4 million, 13 year bond backed by cash flows from rooftop solar leases. SolarCity is the second-largest U.S. solar company by market capitalization.

SolarCity rooftop solar lease securitization nears fruition / If you're in Warsaw @COP19 come and hear me speak at 3 side-events

Buyer details for IFC $1bn + FMO EUR500m: over-subscription, central banks, and more / Just to remind us why we're doing this, WMO says GHG levels reach a high point

Posted: Nov 10, 2013

Earlier this week we blogged the issuance of IFC's second $1 billion green bond. IFC's press release about the bond says it "was heavily over-subscribed". IFC vice president and treasurer Jingdong Hua told Environmental Finance. “We had a pretty large book – well over $1.5 billion – and we were able to tighten the pricing. Demand remains strong.”

Buyer details for IFC $1bn + FMO EUR500m: over-subscription, central banks, and more / Just to remind us why we're doing this, WMO says GHG levels reach a high point

Heads up: Norway's Kommunalbanken expected to issue AAA $500m green bond next week

Posted: Nov 8, 2013

Kommunalbanken is the Norwegian Government's AAA-rated local government funding agency.

Earlier this week a small announcement appeared that Citi, SEB, Bank of America Merrill Lynch and Morgan Stanley had been mandated to underwrite a debut public US Dollar green bond.

We've heard target issuance is $500 million. We're expecting the bond to come out next week.

Heads up: Norway's Kommunalbanken expected to issue AAA $500m green bond next week

Dutch development bank FMO issues EUR500m AAA "Sustainability" bond - sold out in one hour!

Posted: Nov 7, 2013

FMO yesterday issued a EUR500m, 5 year, “sustainability bond”. FMO's credit rating- and the bonds - is AAA (negative outlook) from S&P. The coupon (interest rate) was 15 basis points above "mid-swaps".

FMO is the EUR6.3 billion Bilateral Development Bank of the Netherlands. It’s an interesting beast, 51% owned by the Dutch Government, with the rest owned by the big three Dutch banks and a small slice by trade unions, employer associations and motley others.

Lead managers were Rabobank (an FMO shareholder), Credit Agricole CIB and JP Morgan.

Dutch development bank FMO issues EUR500m AAA "Sustainability" bond - sold out in one hour!

IFC today pricing new $1bn AAA 3yr green bond; more expected to follow

Posted: Nov 5, 2013

According to Reuters. the IFC is today pricing their second $1 billion green bond. Coupon is 0.625% (4 basis points over US Treasury bonds).

Lead managers are SEB, Credit Agricole CIB, Citi and Bank of America Merrill Lynch.

IFC today pricing new $1bn AAA 3yr green bond; more expected to follow

FYI: full text of Green Bonds Framework - steering c'ttee now set up w. BoAML, Citi, JPM, MS +others in process of joining

Posted: Nov 1, 2013

This is the proposal prepared by Bank of America Merrill Lynch and Citigroup. It was first published in EuroWeek's recent Special Report on Sustainable and Responsible Capital Markets.

Framework for Green Bonds

FYI: full text of Green Bonds Framework - steering c'ttee now set up w. BoAML, Citi, JPM, MS +others in process of joining

Citi+BoAML promote new Green Bonds Framework; JP Morgan+MS join up; defines a green bond as being about underlying assets not green rating of the company

Posted: Nov 1, 2013

Earlier this month CitiBank and Bank of America Merrill Lynch (BoAML) launched, via a special EuroWeek report on 'sustainable' capital markets, a "Framework for Green Bonds". This is potentially a big development.

Citi+BoAML promote new Green Bonds Framework; JP Morgan+MS join up; defines a green bond as being about underlying assets not green rating of the company

Ontario's Premier announces she is pushing through legislation to allow the Province to issue climate bonds linked to their Metro rail assets

Posted: Oct 30, 2013

Ontario Premier, Kathleen Wynne is right now speaking at the Willowbrook (metro rail) Maintenance Facility in Toronto, announcing that Ontario will be the first provincial government in Canada to issue green bonds. The bonds will be to finance “environmentally-friendly” infrastructure projects across Ontario - transit projects in the first instance, hence the metro rail location.

She is also saying that Ontario’s green bonds would “meet international certification and disclosure standards”.

Ontario's Premier announces she is pushing through legislation to allow the Province to issue climate bonds linked to their Metro rail assets

Join us: final 2013 Bonds & Climate Change Webinar - tomorrow - Mon 21 Oct @3pm London time

Posted: Oct 20, 2013

We’re holding the final of our Bonds and Climate Change 2013 report webinars tomorrow @ 10am New York, 3pm London, 4pm Frankfurt, 10pm Beijing. If you've missed out so far, quickly RSVP to bridget.boulle@climatebonds.net. She will send you the log-in details.

Join us: final 2013 Bonds & Climate Change Webinar - tomorrow - Mon 21 Oct @3pm London time

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