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Weekly update: TerraForm Power Operating issues largest green bond of 2015 so far - US$800m - for wind and solar, and it’s high yield (5.875%, B1/BB-, 8-yr)

The major story this week is the huge high-yield green bond from the yieldco TerraForm Power Operating; seeing more high-yield bonds is a sign that the green bond market is continuing to mature. In addition to TerraForm, more green bonds from repeat issuers OPIC, World Bank, IFC and Credit Agricole have been announced and will be closing in the coming weeks. For today, let’s dig deeper into the latest green high-yield offering.

Climate Bonds Partner Serge Martin makes CA$100,000 commitment to “turbo-charge” Climate Bonds Initiative

 

Serge Martin is a Canadian philanthropist and founder of SOFINOV, a venture capital fund of Caisse de dépôt et placement du Québec, the largest pension fund in Canada. In 2002, SOFINOV had assets of CA$1.9 billion with an annual compound return of 24.2% since its launch in 1995.

Climate Bonds is recruiting: London-based Standards Program Officer

We are looking for an energetic Program officer to join our Central London team to coordinate the rapid development of the Climate Bond Standard and Certification Scheme.

The role will involve working with investments banks and potential climate bonds issuers on Climate Bond certifications, consulting with other stakeholders, improving and streamlining>verification processes, training for verifiers, as well as communications of all sorts.

Ruminations on harnesssing the power of the bond market for green: mainstreaming vs niche funds, benefits of secondary market, role of govt

By Ulf Erlandsson, Senior Portfolio Manager Credit, Global Macro Trading, Fjärde AP-fonden/ Fourth Swedish National Pension Fund and Sean Kidney, CEO Climate Bonds Initiative.

Originally published in Institutional Investor 29.12.2014

Weekly update: Supra’s continue to build market by providing liquidity + depth; EIB taps further EUR250m ($298m), 1.25%, AAA; World Bank issues INR348.5m ($5.7m) Uridashi green bonds, 4.2%, AAA, 5 yr

Before diving into the latest green bond offerings let’s not forget that green bonds were created because no challenge poses a greater threat to future generations than climate change” (thanks to President Obama for the eloquent statement). Shifting capital to climate investments through green bonds is one way of addressing the challenge.