MünchenerHyp cracks first thematic covered bond! EUR300m ($389m) Aaa 5yr, for coop housing. 1.6x oversubscribed. It’s the prototype for a Green Pfandbrief – at last!

Münchener Hypothekenbank eG has just issued an “ESG-labelled” covered bond (or Pfandbriefe, as covered bonds are called in Germany) for refinancing of housing cooperatives. Oekom Research provided a second opinion on the “social” benefits – you can find it on our web site.

UK Coalition confirms Green Investment Bank

The formal coalition agreement between the UK Conservative and Liberal-Democrats, released today, lists two key initiatives that have been part of Climate Bonds Initiative proposals:

- The creation of a green investment bank.- The provision of home energy improvement paid for by the savings from lower energy bills.

Also in the agreement is the provision of a floor price for carbon, something investors have been calling for.

All three are important and necessary changes relevant to governments everywhere.