ASEAN Green Finance State of the Market 2018

Since the first green bond deals in 2016 in the Philippines and Vietnam, ASEAN green bond market players have laid out solid foundations, which have culminated in the total issuance of USD5bn as of the end of November 2018.

This report looks at regional themes in green bond issuance and provides country overviews for Indonesia, Singapore, Malaysia, the Philippines, Thailand and Vietnam. It also identifies ASEAN issuers of vanilla bonds in industry sectors conducive to green bond issuance such as rail transport and outlines potential avenues to domestic market growth and development.

Download the full report here.


Key figures & findings:

  • Indonesia, Singapore and Malaysia are the top three countries for labelled green bond issuance
  • The Republic of Indonesia is the largest regional green bond issuer with its USD1.25bn sovereign green sukuk. The next largest are Fraser Property Limited (Singapore) with its SGD1.2bn (USD876m) green loan and Star Energy Geothermal (Indonesia) with a USD580m green bond
  • 81% of ASEAN green bonds, by volume, have an external review, which demonstrates best practice
  • AP Renewables (Philippines) was the first company globally to obtain Certification under the Geothermal Criteria of the Climate Bonds Standard
  • Buildings is the largest category financed by green bonds (43% of the market by volume), followed by energy at 32%
  • Transport is the largest sector financed by unlabelled climate-aligned issuance with USD7.4bn outstanding, in front of energy at USD1.3bn outstanding

Download the full report here.