Asia has been slow to grasp green bonds but there are signs that issuers are beginning to consider this type of financing, especially for infrastructure projects. But the sector faces a struggle as environmental concerns remain low on the list of priorities. 

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  • China shows leadership in global green finance push

    Green finance in China, particularly the domestic green bond market, has taken off this year, in part to the strong policy support from the Chinese government. At a roundtable in early September, GlobalCapital and some of the market’s leading figures discussed the recent developments in China, including incentive schemes and whether the government’s top-down approach to green financing can be replicated by the rest of the world.

    • 30 Sep 2016


  • Modern Land pioneers with first Chinese HY green bond

    Modern Land (China) Co ventured out with its maiden green bond on Thursday. It not only achieved the largest size for its dollar bonds to date, but also paved the way for the country’s property developers to come to the international green debt market.

    • 14 Oct 2016
  • China takes lead in green finance, though coal still there

    China is where it's at in green finance in 2016. Its brand new domestic green bond market has zoomed to be the world's biggest in no time, and it has become the first country to produce a comprehensive plan for greening all aspects of finance. Mutual investment between China and the West is set to rise, though some have qualms about funding 'clean coal', reports Julian Lewis.

    • 30 Sep 2016
  • Asian green bonds blossom with China, India in the lead

    The Asian green bond market has gone from being a minnow a year ago to dominating global issuance, proving that the product is here to stay. But with no real pricing advantage and the investor base still largely traditional, there is plenty holding back a shift towards growth and sophistication writes Rashmi Kumar.

    • 30 Sep 2016
  • China pushes for green financing ahead of G20

    The People’s Bank of China, in collaboration with six other government agencies, has put green financing in the spotlight, releasing guidelines for the establishment of a green financial system.

    • 02 Sep 2016


  • EBRD’s second public green deal draws crowd

    The European Bank for Reconstruction and Development saw strong demand for its return to the public green bond market this week amid calls for regulators to avoid curbing the nascent industry.

  • TusPark set to plant dollar green bond

    Tsinghua University Science Park is planning to print what would be its inaugural dollar-denominated green bond, according to a source close to the matter.

  • Axis Bank debut places Indian green bonds back on the map

    Axis Bank revived Indian green bond issuance this week with the country’s third international deal. Financial institutions are expected to dominate the pipeline for the rest of the year, as the challenge of issuing offshore deters other borrowers, writes Narae Kim.

  • Zhejiang Geely takes a spin with debut green bond

    Zhejiang Geely Holding Group successfully priced its first international green bond on Thursday, keeping the momentum going for the asset class in China. The issuer opted for a standby letter of credit from Bank of China’s London branch in a bid to attract investors and cut its funding costs.


  • Chinese green bonds have yet to pass the test

    The future looks bright for China’s domestic bond market having started the year in full throttle with Shanghai Pudong Development Bank (SPDB) and Industrial Bank raising a combined Rmb30bn ($4.6bn). But while the volumes may be impressive, making sure issuers honour the green label will be the real test.

    • 02 Feb 2016
  • A green bond that really did what it said on the tin

    The green bond wave is set to rise higher in 2016, but as before, most of the deals will not help the environment much. One bond that did was sold in the closing days of 2015 — but such deals are still bought only by a small fraction of investors.

    • 05 Jan 2016

From Our Global Coverage


Sustainable and Responsible Capital Markets special report

Panda Bonds Top Arrangers

Rank Arranger Total Volume Rmb (m) No. of Deals Share % by Volume
1 Bank of China (BOC) 7,500 5 22.26
2 Agricultural Bank of China (ABC) 4,000 2 11.87
2 Everbright Securities 4,000 1 11.87
4 Industrial and Commercial Bank of China (ICBC) 3,500 2 10.39
5 HSBC 3,000 2 8.90

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 CITIC Securities 15,417.46 59 6.69%
2 Morgan Stanley 11,809.74 49 5.12%
3 GF Securities Co Ltd 11,402.65 45 4.95%
4 Deutsche Bank 8,930.26 36 3.87%
5 China Securities Co Ltd 8,697.57 46 3.77%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 25,655.98 155 9.54%
2 Citi 24,170.03 132 8.99%
3 Bank of America Merrill Lynch 21,409.23 104 7.97%
4 JPMorgan 18,713.00 109 6.96%
5 Goldman Sachs 12,065.00 52 4.49%