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A pair of Nordic public sector borrowers showed the strength of green bond market, printing a pair of well received trades, both of which were priced inside the issuers’ conventional bond curves.
Kommunalbanken printed its third ever green bond on Wednesday, using the "extra selling point" of the green factor to pull in an impressive book for the four year deal and pricing it through its curve.
Kommuninvest issued on Wednesday the largest ever green bond in Swedish kronor. The note offered a negative yield, and was still over 2.6 times subscribed. It was a fantastic example, the leads said, of a strong name issuing in a starved market.
Kommunalbanken, the Norwegian agency, has selected three banks for a Reg S/144A 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.
The Green Climate Fund, set up by the United Nations as a channel for money to help developing countries fight and cope with climate change, has chosen a new executive director.
A diverse group of issuers forged ahead with their respective fundraisings on Thursday, seeking everything from dollars to Singapore dollars and green debt.
Three European socially responsible investment (SRI) funds have participated in a $22m loan, backed by the EBRD, to build Georgia’s first wind farm.
The green bond market is well on its way towards $100bn of issuance this year but for the market to maximise its potential, it will need fully developed and widely accepted industry standards, said experts including the World Wildlife Fund. Meanwhile, sovereign issuers are on their way.
Kemi Adeosun, the finance minister of Nigeria, has attacked the “hypocrisy” of Western governments in stopping developing countries accessing development bank finance for coal power.
Hannele Pokka, the Finnish minister for the environment said, in an exclusive interview with GlobalCapital, that she believes the ratification of the Paris Agreement, the first ever universal, legally binding climate accord struck in 2015, will spur on the green bond market’s development.
Just a week after its first dollar denominated benchmark, SNCF Réseau has announced that it will issue its first green bond.
Kommuninvest has selected banks for a bond expected to break the size record for green bonds denominated in Swedish krona.
With Standard & Poor’s now poised to follow Moody’s arrival this spring, the rating agencies are scrambling to carve out a space for themselves in a green bond market that is used to relying on other sources of independent opinion and verification, reports Julian Lewis.
The Paris Agreement has set the direction for action to ward off devastating climate change. That should mean investment capital now knows where to go. But big political risks remain: the US might back out, governments could drag their feet. Finance is on the starting blocks — it just needs the track laid out in front of it. Jon Hay reports.
In a week of firsts for the green bond market the Agence France Trésor (AFT) has outlined to GlobalCapital its plan to issue a bond next year in the hitherto untapped sovereign green bond market. Lewis McLellan and Craig McGlashan report.
The European Investment Bank has pushed the green bond curve out to the unprecedented length of 21 years with a new issue on Wednesday.
Heads turned in the investment world early in September, when BlackRock published a 15 page think piece on ‘Adapting Portfolios to Climate Change’. In fact, it could be a turning point. If the world’s largest asset manager is taking climate change seriously, other mainstream firms, especially in the US, now have little excuse for ignoring it. Ewen Cameron Watt, senior director at the BlackRock Investment Institute, spoke to Jon Hay about why all investors need to be climate-aware.
Municipality Finance has made its long awaited entrance into the green bond market with a dollar five year on the same day that a new green exchange launched.
NEW: SRI special reportOctober 2015
Articles in this report...
- Bending the curve: can the Paris summit slow climate change?
- Fixed income: is responsible investing becoming the norm?
- Local governments take steps into green universe
- Will someone tell me what’s really green?
- Reporting — the new must-have accessory for SRI bonds
- Green bonds and growing pains
- Social bonds busy making more friends
- Corporate and FIG issuers take the green bond baton
- Asia’s green bond market ready to pop as China, India sign up
- Hopes high for future of Asian SRI
- Latin America finding its own way to rise to the SRI challenge
- Bond volumes off target but optimism shines through
- Green indices reach new heights and take market with them
- The changing investor base’s diversity of needs
- Banks and CSR: Put your money where your mouth is
- SRI sectors in focus: Evolution of green bonds
- SRI sectors in focus: Energy Efficiency
- SRI sectors in focus: Forestry
- SRI sectors in focus: Housing and buildings
- SRI sectors in focus: Renewable energy
- SRI sectors in focus: Transportation
- SRI sectors in focus: Water Governance
- SRI sectors in focus: Water Purification
SRI 2014 report
Articles in this report...
- The last chance saloon
- What is a green bond? And who should decide?
- Bond investors get serious on ESG — and issuers respond
- Green bonds hit the big time
- SSAs take pioneering spirit to new frontiers
- Public sector borrowers define the environment — and beyond
- Bold munis make long green strides, but most are far behind
- SRI bonds — forerunners of the new green generation
- Economic powerhouse could one day lead in ethical issuance
- Projects and pricing: issuers and investors debate the future of Asian SRI
- Corporates take up the green bond baton
- Companies, banks highlight hidden value, prepare green bonds for climate mission
- Have we reached the tipping point?
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Global Green Bonds
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|1||Bank of America Merrill Lynch||4,324.64||23||7.66%|
|3||Credit Agricole CIB||3,252.94||28||5.76%|
|5||China International Capital Corp Ltd||2,274.38||5||4.03%|