Latest stories on Socially Responsible Investments

  • Eight central banks form network to green the financial system

    Representatives of eight central banks including those of France, China, Mexico and the UK are meeting in Paris this week for the first time, as part of a new initiative to share best practice on how to make the financial system greener.

    • 05:30 PM
  • NAB’s RMBS to offer direct green/non-green price comparison

    The forthcoming mortgage securitization by National Australia Bank, which includes a green tranche, will be one of the first times any issuer has issued green and normal bonds at the same time that are identical in almost every other way. As such, it will offer a rare insight into pricing.

    • 12:45 PM
  • Indonesia sets sights on first Asian sovereign green bond

    The Republic of Indonesia has mandated banks for a green dollar sukuk sale, marking the region’s first sovereign green issuance.

    • 07:15 AM
  • SpareBank 1 leads way with first wholly green residential covered bond

    Norway's SpareBank 1 Boligkreditt has issued the first covered bond secured solely on energy-efficient green homes. The €1bn transaction was priced almost flat to fair value and placed with a newly diversified group of investors.

    • 01:00 PM
  • Italo offers unique European competitive high speed rail play in IPO

    Italo, the private Italian operator of high speed trains founded by a former chairman of Ferrari, has announced its intention to float on Borsa Italiana, offering investors a “unique” opportunity to play the high speed rail market in Europe, according to a banker involved.

    • 04:30 PM
  • Turkey's Medical Park sets terms on IPO, aims for $1.5bn valuation

    Turkey’s largest hospital group, MLP Sağlık Hizmetler, also known as MLP Care, set the terms of its IPO on Monday and expects to price it next month.

    • 03:30 PM
  • Healthcare provider Capio takes bank loan to A&E

    Swedish healthcare company Capio has given its revolving credit facility a shot in the arm by amending and extending it, increasing it by 45% to €343m-equivalent and extending its maturity by 2.5 years.

    • 02:15 PM
  • UCB extends revolver to back of its debt queue

    UCB, the Belgian pharmaceutical company has amended and extended its €1bn revolving credit facility early, pushing the maturity of its only commercial bank loan to the far end of its debt profile.

    • 02:00 PM
  • Alloheim launches €600m lev loan for Nordic buyout

    On Friday, the German private nursing care group Alloheim Senioren-Residenzen announced a new leveraged loan offering to fund its buyout by Nordic Capital. The deal is the third to be lined up to close in February, as hopes build of a surge of merger and acquisition driven borrowing.

    • 19 Jan 2018
  • SK Biopharma sends RFP for US listing

    South Korean firm SK Biopharmaceuticals Co has sent a request for proposals to foreign banks and securities firms as it looks for candidates to lead its IPO, according to a source familiar with the matter.

    • 19 Jan 2018
  • Big loan tickets up for grabs as Sanofi announces M&A

    Investment grade loans bankers are ready to stump up big tickets for bridge loans, and deals are coming their way. Sanofi, the French pharmaceutical group, has announced an $11.6bn debt-financed acquisition of Bioverativ, the blood disorder treatment company, and banks are set to launch at least one other M&A loan into syndication this week.

    • 22 Jan 2018
  • Luxembourg proposes first green covered bond law

    The finance ministry in Luxembourg has published a draft covered bond law to finance renewable energy infrastructure loans. But there could be limited demand to use the framework, and much depends on new European rules coming later this year.

    • 18 Jan 2018
  • Sustainable bond supply gives boost to Swedish krona market

    A growing enthusiasm behind sustainable debt issuance has been adding to supply volumes in Swedish krona market in 2018, with the European Investment Bank tapping a Climate Awareness Bond this week.

    • 18 Jan 2018
  • MUFG talks to investors about green senior

    Mitsubishi UFJ Financial Group is the latest Japanese bank to market a green bond in euros, with a five year senior trade. Proceeds are earmarked for renewable energy projects.

    • 18 Jan 2018
  • Sparebank eyes green covered as Luxembourg plans law

    Sparebank 1 Boligkreditt has mandated lead managers for a roadshow to market its first green covered bond. The move coincided with proposals from lawmakers in Luxembourg for a green covered bond framework.

    • 18 Jan 2018
  • Bond market revival gives second chance to debut issuers

    A receptive market and generous pricing worked in favour of China’s Concord New Energy Group and Indonesia’s Sawit Sumbermas Sarana (SSMS) this week, as both managed to pull off debut dollar bonds two months after failed attempts. Morgan Davis reports.

    • 18 Jan 2018
  • Dermapharm Holding kicks off first German flotation of 2018

    Dermapharm Holding, the German pharmaceuticals company, has begun investor education for the first IPO on the Frankfurt Stock Exchange this year.

    • 18 Jan 2018
  • Dwr Cymru opens taps on corporate sterling market

    Dwr Cymru Welsh Water reopened the investment grade sterling corporate bond market on Wednesday with a £300m bond that came bang in the middle of the maturity range marketed during the issuer's roadshow.

    • 17 Jan 2018
  • Second time’s the charm: Concord, SSMS find success

    China’s Concord New Energy Group and Indonesia’s Sawit Sumbermas Sarana (SSMS) sold their first dollar bonds on Tuesday, successfully completing transactions that were stymied just two months ago.

    • 17 Jan 2018
  • Concord New Energy makes second attempt at dollar bond

    China’s Concord New Energy Group is hoping for second time lucky in the dollar bond market, opening books for a new green deal on Tuesday, about two months after a failed attempt.

    • 16 Jan 2018
  • Chao says ciao to Singapore as IFC replaces Powell

    The International Finance Corp has appointed a new head of funding, following the departure of Ben Powell last October.

    • 15 Jan 2018
  • BPCE reruns client-directed social Samurai

    Groupe BPCE issued ¥116.1bn ($1.04bn) of Samurai notes this week across six tranches, two of which were social bonds. But unlike with many socially responsible deals, the proceeds will go to clients rather than financing projects directly.

    • 15 Jan 2018
  • 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
  • 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

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 HSBC 513.56 3 9.05%
2 Mitsubishi UFJ Financial Group 413.42 2 7.28%
3 Bank of America Merrill Lynch 356.81 2 6.28%
4 Danske Bank 343.95 2 6.06%
5 TD Securities Inc 335.83 2 5.91%