Latest stories on Socially Responsible Investments

  • ECM banks eye prizes from Norway's fossil fuel divestment

    Equity capital markets bankers are eyeing with interest the possibility that Norway’s $1tr sovereign wealth fund might sell all its holdings in oil and gas stocks, potentially creating opportunities for block trades or other structured transactions.

    • 17 Nov 2017
  • EIB, China start harmonising green bonds

    A technical document designed to connect China’s green bond market with that of the Western world could also be a first step in building a globally coherent green bond market, in which bonds of different kinds are more comparable.

    • 16 Nov 2017
  • Incredible bulk of demand for hybrids turns a shade of green

    The supply of hybrid bonds continued this week, with an additional feature — both hybrids sold this week were certified as green bonds.

    • 16 Nov 2017
  • High yield without sin: investors are beginning to try

    The march of responsible investing took a step into the high yield bond market this week, as both M&G and Candriam launched funds that will use environmental, social and governance factors to influence their investment choices.

    • 16 Nov 2017
  • Deutsche Hypo issues first green Pfandbrief

    Deutsche Hypo issued its first green Pfandbrief flat to where it would have issued a vanilla deal, and though it was unable to tighten the spread from refined guidance, leads built the book in record time.

    • 16 Nov 2017
  • Tianqi Lithium, Yankuang to roadshow for dollar bonds

    Chinese companies Tianqi Lithium Corp and Yankuang Group Company have set the stage for their offshore transactions, with both hitting the road this week. Qingdao Hengshun Zhongsheng Group Co, meanwhile, has received the green light from regulators for an up to $200m bond.

    • 14 Nov 2017
  • Asia’s green market lights up with two deals on Wednesday

    Two green issuers from China are wooing buy-side accounts for new bonds, with Concord New Energy Group and Bank of China collecting investor orders from Wednesday morning.

    • 15 Nov 2017
  • Investors snap up social bond triple

    The social bond market — though still nascent — is rapidly gaining momentum. Three public sector issuers made their debuts in the market this week, all of which met with enthusiastic approval from Europe’s community of dedicated socially responsible investors.

    • 16 Nov 2017
  • Euro supply picks up after difficult week for FIG credit

    Spreads widened in the secondary market for financial institution bonds this week, crimping new supply, but senior offers on Thursday from Westpac and BNP Paribas were still able to get done.

    • 16 Nov 2017
  • Secondary market recovery ushers in five new IG deals

    On Wednesday morning, it was doom and gloom as secondary spreads had widened and only Vodafone dipped its toe into new issuance waters. But after a stable afternoon and a positive session in the US, Thursday morning brought calm.

    • 16 Nov 2017
  • Ørsted goes for green double and tenders for shorter bonds

    Danish power company Ørsted has wasted no time in issuing under its new name after leaving the Dong Energy brand behind earlier in November. On Thursday the issuer sold a green hybrid and a green senior bond, as well as announcing a tender offer for its shorter dated bonds.

    • 16 Nov 2017
  • Westpac picks sevens for first euro green bond

    Westpac was in the market on Thursday with a €500m green bond, in the same week as HSBC Holdings priced its first sustainable bond at a size of $1bn.

    • 16 Nov 2017
  • BayernLabo EUR500m 0.625% Nov 27 social bond

    • 16 Nov 2017
  • BOC’s third green bond grabs nearly $1.5bn

    Bank of China's Paris branch raised almost $1.5bn across three currencies and tranches on Wednesday, marking the fifth offshore green bond from China this year. Concord New Energy had contrasting success and pulled out of a planned deal.

    • 16 Nov 2017
  • CDP EUR500m 0.75% Nov 22 social bond

    • 16 Nov 2017
  • AfDB EUR500m 0.25% Nov 24 social bond

    • 16 Nov 2017
  • Ill winds blow away Concord New Energy green debut

    Concord New Energy Group, a Chinese wind and solar power company, was forced to pull its planned green dollar bond debut on Wednesday after it was caught in a down market.

    • 16 Nov 2017
  • Places for People gets pushed back by sterling investors

    Property has been the standout sector in a good year for sterling corporate bond issuance. On Wednesday, Places for People added to issuance with its first sterling bond of 2017, but failed to tighten from initial price thoughts.

    • 15 Nov 2017
  • Investors snap up social trio but demand more

    The burgeoning social bond market hit a new high this week, with an unprecedented three deals priced on the same day. But with issuance still well behind that of the green asset class, investors are calling for more borrowers to sign off on social issuance programmes.

    • 15 Nov 2017
  • Manulife grows Sing dollar green market with tier two

    Singapore’s green bond market cracked open a bit further on Tuesday when Canadian life insurer Manulife Financial Corp sold a S$500m ($367.5m) tier two bond, only the second green deal in the currency.

    • 15 Nov 2017
  • SSAs launch triple header social bond extravaganza

    Three issuers launched social bonds on the same day on Tuesday, which is likely a first for the SSA market. They raised a combined €1.5bn across five, seven and 10 years, with two of the deals managing to make dramatic moves in pricing thanks to what one banker called "superb conditions".

    • 14 Nov 2017
  • Corporates serve up a choice of greens

    Investors in green corporate bonds had two very different deals offered to them on Tuesday. Spanish utility Iberdrola sold a green hybrid bond, while Toyota Motor Credit Corp, Toyota’s auto finance subsidiary, offered a long 3.5 year green tranche alongside a seven year non-green tranche.

    • 14 Nov 2017
  • HSBC to issue first sustainable bond in dollars

    HSBC will speak to investors from Tuesday about its new sustainable development goal (SDG) bond framework, with a deal expected to follow.

    • 14 Nov 2017
  • BOC eyes green in multi-currency bond

    Bank of China has mandated firms to sell a multi-currency green bond through its Paris branch.

    • 14 Nov 2017
  • Manulife goes green in Singapore

    Canadian insurance company Manulife Financial Corp kicked off a Singapore dollar-denominated subordinated green bond sale on Tuesday morning local time.

    • 14 Nov 2017
  • IDB mulls Mexican solar securitization funding

    The Inter-American Development Bank is evaluating a possible MP1bn ($52m) warehousing loan to finance a portfolio of small scale solar projects in Mexico with a view to supporting a subsequent securitization in the local capital markets, a model the development bank has used for previous projects.

    • 13 Nov 2017
  • BayernLabo prepares social bond debut

    BayernLabo will on Tuesday enter the socially responsible investment market for the first time, selling a social bond — the first of three expected in the near future.

    • 13 Nov 2017
  • China and EU break ground with green bond taxonomy key

    The effort to connect China’s green bond market with that of the Western world took a step forward on Saturday, with the launch of a technical document designed to make the two markets’ standards mutually intelligible.

    • 11 Nov 2017
  • Bank capital the next step for green after senior success

    Banks have ramped up their use of green senior bonds in the fourth quarter of 2017, with many of their latest offerings sporting fantastic results in terms of pricing. But, as Tyler Davies reports, European financial institutions have yet to mix the principles of green finance with the tenets of bank capital — an experiment that could be even more beneficial for everyone involved in the growing green bond market.

    • 09 Nov 2017
  • Manulife visits Singapore for tier two green bond

    Canadian insurance company Manulife Financial Corp has named banks to lead a Singapore dollar-denominated subordinated green bond.

    • 10 Nov 2017
  • CDB goes green to fund Belt and Road projects

    China Development Bank Corp priced its maiden international green bond on Thursday, raising close to $1.7bn from a dual-currency transaction that will fund Belt and Road related projects. The deal offered diversification not only to the issuer but also to investors.

    • 10 Nov 2017
  • CDB’s inaugural green outing open for bids

    Bookrunners on China Development Bank Corp’s debut international green bond have released price guidance for a dual-tranche transaction featuring dollars and euros.

    • 09 Nov 2017
  • Banks would be mad not to embrace green capital

    Everyone would stand to gain if banks starting issuing green capital instruments.

    • 09 Nov 2017
  • PACE market stirs with deals from Ygrene, Renovate

    Property Assessed Clean Energy (PACE) finance firm Ygrene Energy Fund priced a blended pool of residential and commercial PACE liens on Wednesday, while Renovate America filed documents this week for its final deal of the year.

    • 09 Nov 2017
  • Kepco to sound out investors for dollar green bond

    Korea Electric Power Corp has hired three bookrunners to run an investor roadshow ahead of a potential dollar-denominated green bond issuance as it looks to build a renewables portfolio in the US through acquisitions.

    • 08 Nov 2017
  • SRI binge still far from sating hungry investors’ appetites

    More socially responsible investment paper from public sector issuers keeps arriving on screens, but despite the deluge, borrowers are still managing super-tight spreads and selling healthily subscribed deals. And there’s still more to come.

    • 09 Nov 2017
  • City of Paris sustainability bond attracts bumper book

    The City of Paris printed a sustainability bond on Thursday, shaving several basis points from the spread during execution thanks to a healthily oversubscribed book.

    • 09 Nov 2017
  • Galp return, Fenosa green keep corps flow hot

    Italian corporate issuers have dominated bond issuance in recent weeks but Wednesday brought a pair from Iberia, as two energy suppliers took advantage of the market's hot conditions.

    • 08 Nov 2017
  • Concord New Energy mandates for green bond

    China’s Concord New Energy Group is pursuing its debut green dollar bond.

    • 09 Nov 2017
  • AFD wins huge book for green bond, prices flat to or through curve

    The Agence Française de Développement (AFD) managed to pull its spread in by 6bp from price guidance on its six year green bond issue today, attracting a heavily oversubscribed book full of investors seemingly ready to buy at any price.

    • 08 Nov 2017
  • Barclays debuts as bank green bond market bursts into life

    Barclays sold its first green bond transaction this week — a callable senior deal from its holding company — as two more financial institutions said that they would hit the road with new green bond frameworks of their own.

    • 09 Nov 2017
  • Investors’ call at COP 23: give us projects to invest in

    Financial institutions will be making a flurry of announcements at the COP 23 climate change conference in Bonn over the next fortnight, detailing new initiatives and pledges. But more important may be any signs that countries are getting better at turning their climate ambitions into projects investors can put money into.

    • 07 Nov 2017
  • NWB squeezes price as AFD hopes to follow suit

    Nederlandse Waterschapsbank (NWB) launched a four year green bond on Tuesday, pricing flat to its curve and clearing the way for Agence Française de Développement (AFD) to attempt to emulate the Dutch agency’s success.

    • 07 Nov 2017
  • CDB to debut in green, taps firms for dollar/euro combo

    China Development Bank Corp (CDB) is gearing up for talks with fixed income investors for its inaugural offshore green bond, mandating firms for a dual-currency transaction.

    • 07 Nov 2017
  • Tesla sells solar lease, PPA securitization

    Tesla priced an ABS offering backed by solar lease and power purchase agreements originated by its SolarCity subsidiary late last week, selling the bonds at the tight end of price guidance.

    • 06 Nov 2017
  • Orphazyme kicks off Dkr675m IPO in Copenhagen with anchor backing

    Orphazyme, a Danish biotechnology company, has revealed the terms for its IPO on Nasdaq Copenhagen.

    • 06 Nov 2017
  • Bank green bond market explodes into life as Barclays debuts

    Barclays opened books for its first green bond transaction on Monday — a callable senior deal from its holding company — as two more financial institutions said that they would hit the road with new green bond frameworks of their own.

    • 06 Nov 2017
  • Gender equality ETF comes to Euronext

    As investor demand for ESG products grows, an exchange traded fund tracking companies with good policies on gender equality began trading on Euronext this Monday.

    • 06 Nov 2017
  • Swedbank shows power of green with stick-thin pricing

    A debut green bond from Swedbank this week was the clearest indicator yet that green bonds can price more tightly and outperform the rest of the FIG debt market, including perhaps covered bonds, writes Jasper Cox.

    • 02 Nov 2017
  • Spain to lead Europe with PACE energy law

    Spain — specifically, Catalonia or the Basque region — could be the site of Europe’s first Property Assessed Clean Energy (PACE) financing of home energy efficiency upgrades, if a pilot project funded by the European Union gets off the ground.

    • 02 Nov 2017

SRI 2017 report

SRI 2016 report

China Green Finance Roundtable 2017

China Green Finance Roundtable

  • Waking up to reality: the race to put numbers on climate risk

    Sustainability is a term used liberally and vaguely in the financial world. But it has a precise meaning: living so that we do not make it harder for future generations to live. That principle is violated by today’s economy, including its financial markets. But little by little, the heart of markets — the decisions investors make — is facing up to what it has long repressed. Jon Hay reports.

SRI 2015 report

Sustainable and Responsible Capital Markets special report

SRI 2014 report

SRI special report

Global Green Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Credit Agricole CIB 7,570.03 58 7.02%
2 HSBC 7,201.69 47 6.67%
3 BNP Paribas 5,775.37 38 5.35%
4 JPMorgan 5,114.14 35 4.74%
5 Citi 4,840.44 23 4.49%