Green by words rather than action?

Last Friday saw GlobalCapital launch our new twice-weekly email round-up of SRI and green finance news. Everywhere you turn in the bond markets, every bank or investor you speak to, it doesn’t take long before green bonds are mentioned.

  • By Nigel Owen
  • 28 Sep 2017
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Cartoon_1524_DrivingGreen bonds is a growing sector of the market without doubt. Interest in it is rising at a rapid rate. Banks want to advise on issuers’ green bond frameworks and investors want to publicise their green bond funds or what percentage of their funds are invested in such instruments.

You may believe that these institutions really care about the global environment, our impact on it, and ensuring a better future for it. Green bonds certainly tick those boxes.

But look beyond the green sector, and which issuer has issued the largest volume of corporate bonds in euros in 2017? Volkswagen. This week the diesel data dodger extended its lead at the top of that league table, having issued €17.25bn of bonds after an 18 month issuance break following the emissions scandal involving its cars.

To put VW’s issuance in context, General Electric and AT&T are the next highest issuers with €8bn and €7bn. After that come BMW, Daimler and Renault, who, when added to VW’s total, push car company bond sales to nearly €35bn in 2017.

Maybe green bonds are the bond market’s equivalent of carbon offsetting for air travel. Buy green bonds to lift your guilt at buying several times more auto bonds.

  • By Nigel Owen
  • 28 Sep 2017

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 352,540.12 1323 9.09%
2 Bank of America Merrill Lynch 315,574.44 1093 8.13%
3 JPMorgan 314,826.88 1433 8.11%
4 Goldman Sachs 234,193.07 776 6.04%
5 Barclays 226,473.92 879 5.84%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 34,312.86 161 6.59%
2 Deutsche Bank 34,194.98 116 6.57%
3 Bank of America Merrill Lynch 31,113.25 94 5.98%
4 BNP Paribas 27,479.75 167 5.28%
5 SG Corporate & Investment Banking 23,982.83 136 4.61%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,536.02 78 8.91%
2 Morgan Stanley 16,323.54 83 7.44%
3 Citi 15,667.80 92 7.14%
4 UBS 15,208.47 58 6.94%
5 Goldman Sachs 13,487.36 72 6.15%