market-report

Aloha! Hawaiian State Govt issues green ABS for solar: $150m, AAA in two tranches: 50m, 8yr, 1.467% + 100m, 17yr, 3.242%. An excellent example!

The Hawaii State Department of Business, Economic Development and Tourism (DBEDT) has issued US$150m of AAA-rated green asset-backed securities in two tranches.

Germany’s NRW Bank issues 2nd AAA green bond: EUR 500m ($636m) 4yrs. 2x over-subscribed in 3 hrs! Water, wind & energy efficiency

German regional bank NRW last week issued their second green bond - EUR 500m with a 0.25% coupon and a 4 year tenor. The bond is double the size of their inaugural green bond in November 2013. The bond priced at mid swaps -10bps. Underwriters were DZ Bank and HSBC; rating by Fitch.

Stockland issues Australia’s first green bond! EUR300m (US$380m), 7yr, rated A-, 1.5% coupon. Proceeds for green buildings - but ratings used do not guarantee climate performance

Stockland, Australia’s largest diversified property group has issued a EUR300m (US$380m), 7-yr green bond. The bond is rated A-, achieving a 1.5% coupon.

Kinexia’s Innovatec issues a EUR15m (US$19m) green bond, 6 yr, 8.125% coupon. Small in size, but high in yield! Higher yields is a sign of a maturing market

Innovatec, an Italian energy-efficiency and energy services company, issues a EUR15m (US$19m), 6-year green bond with coupon of 8.125%. Sole underwriter is JCI Capital.

Finally Europe’s first high yield green bonds! Abengoa issues 2x 5yr bonds for a total of EUR500m ($340m) – ‘B’ & ‘NotRated’. Moving down the ratings is a sign of the green bonds market maturing

Abengoa Greenfield S.A, a subsidiary of Abengoa S.A., has issued two green high-yield bonds (i.e. below investment-grade) for a total of EUR500m equivalent. For those of you unfamiliar with the company, Abengoa’s operations are focused on renewable energy (solar and biofuels), electricity transmission, energy IT systems, desalination and wastewater treatment.