Latest stories on Socially Responsible Investments

  • Swedish state green bond a ‘golden egg’, says minister

    Expectations that Sweden will issue a sovereign green bond have risen, as a government inquiry this week recommended the idea.

    • 11 Jan 2018
  • PE firm claims new model for small green projects

    The transition to a greener economy is likely to involve not just changes in the kinds of technology used, but also in scale. Smaller, local installations will become much more important — but these pose financing challenges.

    • 10 Jan 2018
  • Swedish report recommends cash for green bond issuers

    Green bond issuers could be encouraged with a payment from the government if the bond finances a reduction in carbon dioxide emissions, according to a report for the Swedish government this week.

    • 12 Jan 2018
  • Sparebank 1 set for green covered, Luxembourg plans green law

    Sparebank 1 Boligkreditt has mandated lead managers for a roadshow to market it first green covered bond. The news comes amid German press articles suggesting lawmakers in Luxembourg are set to propose a green covered bond framework. BayernLB is also lining up a vanilla 10 year Pfandbrief for execution on Monday.

    • 12 Jan 2018
  • Green and social to drive revamped DZ Bank in DCM

    DZ Bank has overhauled its debt capital markets operation and plans to use its sustainable finance credentials to push for more international business, especially in SSAs and covered bonds.

    • 11 Jan 2018
  • Hybrids find new low as Engie goes with green variation

    Multi-tranche and green bond issuance returned to the investment grade corporate bond market on Tuesday, leaving just the hybrid asset class untouched in 2018. That didn’t last long, as Engie and Aroundtown launched new hybrid deals on Wednesday morning, one of which set new lows for coupons and spreads.

    • 11 Jan 2018
  • Green demand grows as Enel drops second bond

    Italian electricity supplier Enel sold its second green bond on Tuesday, repeating the timing of its first such offering in 2017, which it also sold in the second week of the year. The latest deal was the same size, but priced tighter and won a larger order book, despite having a longer maturity.

    • 11 Jan 2018
  • IBRD gets C$1bn for sustainable dev amid niche spree

    World Bank issued a rare benchmark Canadian dollar bond this week, raising C$1bn ($802m) with a sustainable development deal in a strong week for niche currency sales from SSA borrowers that also included several Australian and New Zealand dollar deals.

    • 11 Jan 2018
  • Agricole puts green banker in Asia

    Crédit Agricole has moved one of its sustainable banking specialists to Asia, hoping to capitalise on what it expects to be a growing market for green bonds.

    • 11 Jan 2018
  • Engie EUR1bn 1.5% Perp NC Apr 2023

    • 11 Jan 2018
  • US private placements to get green bug

    The trend for green debt issuance is set to touch the US private placement (PP) market this year, bringing yet another segment of the debt capital markets within its ambit.

    • 10 Jan 2018
  • NAB to become second green RMBS issuer

    National Australia Bank has mandated its own investment bank to lead a potential mortgage securitization that could include a green tranche, making it only the second issuer of green residential mortgage-backed securities.

    • 10 Jan 2018
  • Brunello Cucinelli sells block to raise funds for charity

    Brunello Cucinelli, the Italian luxury goods entrepreneur, sold a 6% stake in the fashion brand named after himself through a block trade on Tuesday night, to raise money to spend on charitable projects.

    • 10 Jan 2018
  • Turkish private hospital group launches IPO

    MLP Sağlık Hizmetler, also known as MLP Care, the largest private healthcare provider in Turkey, has begun investor education for its flotation on Borsa Istanbul, in which it hopes to raise about TL500m ($133m) of primary proceeds.

    • 08 Jan 2018
  • European equities benefit from China's Blue Sky thinking

    European stock markets have enjoyed a solid start to 2018, led by a metals and commodities rally that has been strengthening since the beginning of autumn. But the market must consider whether the good times are organic or due to temporary measures in China.

    • 09 Jan 2018
  • Sovereigns could star in growing Nordic green bond market

    Bankers expect further fast growth in Nordic green bond issuance in 2018, including a good chance of sovereign deals, with Sweden a leading candidate.

    • 05 Jan 2018
  • Editor's overview: Green finance — everyone is doing it

    Green finance, once a niche experiment, has become central to capital markets. This is just the beginning. The market still needs to find its true role, but private sector interest and public support are snowballing. By Jon Hay.

    • 03 Jan 2018
  • Securitization: Green opportunities appear as PACE accelerates

    Europe lags behind the US in green securitizations, but efforts buoyed by pro-ABS regulations — and an initiative to kick-start the Property Assessed Clean Energy (PACE) market in Spain — could soon change that. Meanwhile in the US, ABS participants are hyping the emergence of a robust secondary market for residential PACE bonds, in addition to increasing momentum in commercial PACE ABS, after a maiden transaction hit last September. Sasha Padbidri and Sam Kerr report.

    • 03 Jan 2018
  • RBC Capital Markets Roundtable: Canada’s borrowers in good shape to take on tricky 2018

    Canadian public sector issuers had a barnstorming year in the international debt markets in 2017, propelled by a strong economic performance by Canada and many of its provinces. But challenges loom — uncertainty over Canada’s trade relationship with the US, geopolitical instability and changing global monetary policy are just three of many concerns that borrowers, bankers and investors in Canada’s public sector bond markets will have to deal with this year. GlobalCapital met key market participants in Toronto in November to discuss the key issues.

    • 03 Jan 2018
  • Asia opens year with green bond after record-breaking 2017

    Will 2018 be yet another record year for Asia’s green bond market? The signs were good this week. Swire Properties chose the format for the region’s first dollar bond of the year. Addison Gong reports.

    • 04 Jan 2018
  • EIB and Rentenbank make active start with green Aussie deals

    With a new climate awareness bond from the European Investment Bank and the announcements of green taps from EIB and Rentenbank, it was a busy week of sustainable bond issuance in the Australian dollar market.

    • 04 Jan 2018
  • France to set out 2018 green bond scope in coming weeks

    Agence France Trésor is about to finish deciding the scope of eligible green projects that could be funded by its green OAT issuance in 2018, and will announce this to the market by mid-January.

    • 02 Jan 2018
  • Swire Properties kicks off 2018 supply with green bond

    Swire Properties is set to become Asia ex-Japan's first issuer of international bonds in the new year, opening books for a 10 year dollar green deal on Wednesday morning.

    • 03 Jan 2018
  • Covéa windstorm trade a first for European cat bond market

    Covéa Mutual Insurance Group has issued its debut catastrophe bond, a four year €90m deal to protect its French subsidiaries against losses from European windstorms.

    • 02 Jan 2018
  • France’s green OATs are paying for themselves

    The green OAT issuance programme of France involves a cost to the issuer, but this has so far been compensated for by the slightly cheaper funding France can get by issuing green bonds.

    • 22 Dec 2017
  • Sweden weighs merits and costs of green bond: inquiry to report soon

    Sweden’s finance ministry is expected to receive in early January the report of a special commission it set up a year ago to consider how to promote green bonds, including the merits of the Swedish government issuing one.

    • 22 Dec 2017
  • ReNew Power builds steam for $700m IPO

    India’s ReNew Power Ventures has hired three banks to helm its long-expected $700m IPO next year, said sources close to the matter.

    • 21 Dec 2017
  • Malaysia issues new guidelines for SRI funds

    The Securities Commission (SC) of Malaysia announced new guidelines for sustainable and responsible investment funds on Tuesday.

    • 20 Dec 2017
  • Akbank Leasing's $110m loan attracts green money

    Ak Finansal Kiralama (Aklease), Akbank’s leasing subsidiary, has signed a $110m syndicated loan to fund renewable energy projects.

    • 20 Dec 2017
  • Diversifying Cabei eyes SSA status as benchmark return brews

    A new dollar benchmark could be on the cards for multilateral lender Central American Bank for Economic Integration (Cabei), the bank’s CFO told GlobalCapital on Wednesday, as the issuer looks to increase its appeal to traditional SSA investors by gaining double-A ratings.

    • 21 Dec 2017
  • High hopes as China launches national carbon trading scheme

    China is to launch its first national carbon trading scheme, a move that could ultimately bring closer the introduction of a global, interconnected carbon market. But experts said the scope and impact of the scheme would be limited at first.

    • 19 Dec 2017
  • Nigeria issues ground-breaking green bond

    Nigeria has become the first government in Africa to issue a green bond, with a N10.69bn ($29m) five year issue led by Chapel Hill Denham, a local investment bank.

    • 19 Dec 2017
  • Green capital relief is a blunt tool for stopping climate change

    Bank regulators are being encouraged to incentivise green investment through bank capital relief because others have been too slow to take up the fight against climate change. But capital requirements are not designed for this purpose.

    • 19 Dec 2017
  • ‘Regional risk monitoring’ hits Italy green bond plans

    Italian sovereign green bond issuance could be scuppered by risk monitoring difficulties arising from the regional complexities of the country.

    • 18 Dec 2017
  • BNP Paribas hires ex-CEEMEA banker for green bond team

    BNP Paribas has hired a new debt capital markets banker on to its green bond team.

    • 19 Dec 2017
  • Consumer lending expert heads to PACE shop

    Joel Eckhause, the former head of direct and residential lending at Bank of the West in San Francisco, has joined residential and commercial Property Assessed Clean Energy (PACE) provider Renew Financial as its chief operating officer.

    • 18 Dec 2017
  • Green for '18: sovereign mart to ripen

    The sovereign green bond market looks set to come of age next year, with some issuers confirming that they will join the likes of France in printing deals and others mulling the possibility. But the model may not fit all government borrowers — for the moment, at least. Craig McGlashan reports.

    • 14 Dec 2017
  • Green does not suit everyone

    For anyone hoping that the green bond market can grow to even greater heights, news that Belgium and Nigeria are bringing debut deals — and that other sovereigns are considering the possibility — will be welcome. But it may be that some countries are better suited to the model than others.

    • 14 Dec 2017
  • Market debates green capital support idea

    Policymakers and market participants are divided over a proposal to lower bank capital requirements for green assets, after the European Commission said this week that it was considering new measures to promote sustainable finance.

    • 13 Dec 2017
  • Ireland open to green in 2018

    Ireland is open to the possibility of adding green bonds to its funding mix as it looks to diversify its portfolio of debt instruments, according to the country’s head of funding.

    • 14 Dec 2017
  • Luxembourg mulls green bond

    The Grand Duchy of Luxembourg could opt to bring a green bond if it decides to come to market in 2018, GlobalCapital can reveal.

    • 13 Dec 2017
  • SocGen plans to help issue €85bn of green bonds

    Société Générale has set a goal of raising €100bn of financing for clean energy transition between 2016 and 2020.

    • 14 Dec 2017
  • Asian bond bankers mull prospects after record year

    Asian bond volumes soared this year, breaking records with $350bn of issuance. Can 2018 possibly be any better? Addison Gong attempts to find out.

    • 14 Dec 2017
  • Nigeria's green bond wins high assessment, to be launched next week

    Nigeria is expected to become only the fourth sovereign globally — and the first in Africa — to issue green bonds, by selling a $30m-equivalent five year or longer naira government bond next week.

    • 14 Dec 2017
  • Belgium lines up sovereign green, Italy and Greece treading carefully

    Belgium will issue its first sovereign green bond in the first quarter of 2018. Several countries in southern Europe are investigating the option, but they are less likely to issue in the near future.

    • 12 Dec 2017
  • SocGen makes green loan for Brittany Ferries with EIB guarantee

    Société Générale has arranged a €142.6m green loan for Brittany Ferries, to finance the company’s first ferry powered by liquefied natural gas.

    • 13 Dec 2017
  • Asian green bonds: more catching up needed

    Asia’s green financing market has made great strides since issuance started to pick up two years ago, with 2017 seeing more regulators and issuers giving the asset class a push. But for all its impressive feats, the region’s green market is yet to come of age.

    • 12 Dec 2017
  • ABS participants shrug off FHA policy reversal

    The Federal Housing Administration (FHA) reversed a July 2016 decision to insure new mortgages on properties with Property Assessed Clean Energy (PACE) assessments in an announcement Thursday, but ABS sources say it is only a blip.

    • 11 Dec 2017
  • AFT names GrOAT council members

    France’s pioneering work on sovereign green bonds took another step forward on Monday, as it named the members of its green OAT evaluation council on the same day that the group held its first meeting.

    • 11 Dec 2017
  • SocGen sets green financing goal ahead of EU report

    Société Générale has set a goal of raising €100bn in financing for the clean energy transition between 2016 and 2020, ahead of the final report from the European Commission’s high-level expert group (HLEG) on sustainable finance.

    • 11 Dec 2017
  • Tesla deal pricing, secondary market growth seen in solar ABS

    Tesla priced the latest securitization from its SolarCity subsidiary last Friday, pushing total solar ABS volume beyond $1.5bn in 2017 as secondary market activity begins to build.

    • 11 Dec 2017
  • Natixis hires Huang for green and sustainable finance

    Natixis has appointed Chaoni Huang as a director of green and sustainable solutions for Asia Pacific, according to a Monday press release.

    • 11 Dec 2017
  • LBBW raises bar for FIG greens with €750m print

    Landesbank Baden-Württemberg became the first European bank to issue a green bond larger than the minimum benchmark size in euros on Tuesday, marking a new milestone in the burgeoning market. Advances in data collection could increase the volume of eligible green assets. By Jasper Cox.

    • 07 Dec 2017
  • EIB proposes new subsidiary for lending outside the EU

    The European Investment Bank proposed today to European finance ministers to set up a new subsidiary, open to new shareholders, other than the EIB's existing owners, the European Union member states.

    • 05 Dec 2017
  • Agricole adds to sustainable banking team

    A senior debt capital markets banker at Crédit Agricole CIB has moved to the bank’s sustainable banking team.

    • 06 Dec 2017
  • Green ABS ripens with PACE secondary growth

    An active secondary market has sprouted in the residential Property Assessed Clean Energy (PACE) ABS sector after two years of watershed growth. A growing volume of tradeable assets is expected in 2018. But the outlook is not so rosy for every area of green securitization, writes Sasha Padbidri.

    • 07 Dec 2017
  • Investors jump on board Indian Railway’s green bond

    Indian Railway Finance Corp (IRFC) made a rare appearance in the dollar bond market on Tuesday, and its first green issue appealed to international investors.

    • 06 Dec 2017
  • Next year expect more China — in Europe

    Europe looks ripe for a wave of takeovers by Chinese companies in 2018, as the country becomes more willing to countenance dealmaking overseas after its recent pullback.

    • 07 Dec 2017
  • BNG ‘showcases pricing benefits’ of SRI bonds

    Bank Nederlandse Gemeenten on Tuesday printed “another great example” of what bankers say are the “tangible price benefits” of selling SRI bonds.

    • 05 Dec 2017
  • Nordic bank hires SSA origination head as incumbent switches to SRI

    A Nordic bank has picked a new global head of SSA origination, with the previous holder of the position set to switch to a newly created, SRI focused job within the bank.

    • 04 Dec 2017
  • Tesla offers second solar ABS deal in two months

    Investors are eager for a slice of Tesla’s latest solar securitization from its SolarCity subsidiary, said industry sources, but solar ABS volume could remain limited in 2018 unless the challenge of securitizing commercial and industrial scale solar assets can be cracked.

    • 04 Dec 2017
  • Asian sustainable lending needs a big push

    A novel green loan for Singapore-listed Wilmar has put a focus on sustainability-based borrowings in Asia — or the lack thereof. But now the agribusiness company has provided a template for such financings, the onus is on banks and borrowers to push for change in the region. The benefits may be intangible, but they will be more far-reaching than a few extra basis points on the P&L.

    • 05 Dec 2017
  • Skanska takes out €200m green RCF with pricing benefit

    Skanska, the Swedish construction and property development company that is a leader in green building, has signed a €200m green revolving facility with four of its relationship banks.

    • 01 Dec 2017
  • Sweden sets up Sustainable Finance Centre for training and research

    Sweden has set up a Sustainable Finance Centre, as a partnership between the Stockholm Environment Institute and the Stockholm School of Economics. One of the first projects it is considering taking on is helping the International Finance Corp stimulate green bond issuance among emerging market banks.

    • 01 Dec 2017
  • European cat bond market poised to grow as UK ILS law passes

    Something is brewing in the catastrophe bond market. Last month the UK government passed a law allowing the creation of insurance-linked security (ILS) vehicles, paving the way for the first ever transaction. More issuance is expected, while more insurers around Europe are expected to consider catastrophe bonds, reports Jasper Cox.

    • 11 Jan 2018

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 Mitsubishi UFJ Financial Group 413.42 2 8.08%
2 HSBC 372.83 2 7.29%
3 Bank of America Merrill Lynch 356.81 2 6.98%
4 Danske Bank 343.95 2 6.72%
5 Morgan Stanley 305.53 1 5.97%