2022-12-03-气候债券倡议组织-全球绿色债券定价报告_26页_1mb

Green Bond Pricing Summary: H2 2021

Core Content

This report summarizes the performance of green bonds in the primary market during the second half of 2021 (H2 2021), focusing on pricing outcomes, investor allocations, and the concept of the greenium. It includes 73 green bonds with a combined face value of USD71.8bn, issued by 61 entities, including sovereign, non-sovereign, and supranational issuers.

Main Highlights

• Market Performance: Green bonds in both EUR and USD performed well on average, showing higher book cover and spread compression than vanilla equivalents.
• Investor Allocation: 66% of green bonds were allocated to investors with green or responsible investment mandates, remaining stable compared to previous periods.
• Greenium Occurrence: 17 out of 34 green bonds priced on or inside their yield curves, indicating a greenium, which benefits issuers by reducing the cost of funding.
• Record Issuance: USD240bn of green bonds were added to the Climate Bonds Green Bonds Database in H2 2021, with September being the busiest month for green bond volumes.
• ETF Growth: Green bond ETFs reached USD1.4bn in total assets, with the launch of the first sovereign green bond ETF by Lyxor.

Key Issuers and Deals

• KfW (Germany): Issued EUR3bn (USD3.5bn) 10-year and USD3bn 5-year green bonds. It has the second-largest issuance in the Climate Bonds Database, with 65 bonds totaling USD48.5bn.
• Mondelez International: Priced EUR1.3bn (USD1.5bn) in green bonds, with proceeds allocated to six project categories including Renewable Energy and Low Carbon Buildings.
• Norinchukin Bank (Japan): Entered the green bond market with a USD1bn dual tranche deal, focused on Renewable Energy and Clean Transportation.
• TVA (USA): Priced a USD500m 10-year green bond, achieving a greenium and a record low funding rate. The proceeds will support renewable energy and clean technology.
• SQM (Chile): Priced its first green bond, USD700m, for lithium extraction and processing, highlighting the broad applicability of green bonds.

Market Dynamics

• Inflation and Rates: Rising inflation persisted throughout H2 2021, with the FED signaling potential rate hikes and the ECB considering changes to its negative interest rate policy.
• Spread Compression:
  • EUR: Green bonds achieved an average spread compression of 19.3bps, outperforming vanilla equivalents (17bps).
  • USD: Green bonds achieved an average spread compression of 25.9bps, outperforming vanilla equivalents (21.7bps).
• Book Cover:
  • EUR: Average overscription was 3.4 times for green bonds, compared to 2.7 times for vanilla equivalents.
  • USD: Average overscription was 3 times for green bonds, compared to 2.7 times for vanilla equivalents.
• Top Performers:
  • Acciona Energy (Spain): Achieved the highest book cover of 7.5 times for its EUR500m (USD578m) six-year deal.
  • KfW 2031: Oversubscribed 7.3 times, with a book cover of EUR22bn.
  • TVA 2031: Priced with a greenium, achieving a 40bps spread compression.
  • Dominion 2031 (USD): Achieved a greenium, despite not building a larger book than its vanilla basket.

Greenium Analysis

• A greenium occurs when a green bond prices inside its yield curve, indicating a concession in yield.
• In H2 2021, 50% of non-sovereign green bonds priced on or inside their yield curves, a decrease from 79% in H1.
• Greeniums were more common in Q3 (14 out of 17) and less so in Q4 (3 out of 17), likely due to increased investor caution in anticipation of rate hikes.

Methodology Notes

• Sample Limitations: The sample is limited to USD and EUR bonds with a minimum original issue size of USD500m, and data on order books and spread compression is not always available.
• Comparators: Vanilla bonds are selected based on credit rating and payment rank, and yield curves are built using data from bonds issued in the same quarter.
• Investor Classification: EU SFDR Article 8 and Article 9 classifications could enhance transparency in green bond allocations, but data is not yet available for compliance until mid-2023.

Secondary Market Performance

• 7 Days Post-Issuance: 55% of green bonds tightened more than their vanilla baskets; 71% tightened more than their corresponding indices.
• 28 Days Post-Issuance: 52% of green bonds tightened more than vanilla baskets; 73% tightened more than their indices.
• Overall Tightening: 75% of green bonds tightened within a week, increasing slightly to 76% after a month.

Summary Statistics

• EUR Green Bonds: 53 bonds totaling EUR46.2bn (USD53.4bn), with 13 in Q3 and 11 in Q4.
• USD Green Bonds: 20 bonds totaling USD18.35bn, with 3 in Q3 and 7 in Q4.
• Greenium Bonds: 9 in total, with 4 in EUR and 3 in USD, mostly issued in Q3.
• New Issue Premium Bonds: 17 in total, with 9 in EUR and 6 in USD, mostly issued in Q4.

Conclusion

Green bonds continued to demonstrate strong performance in H2 2021, with notable improvements in book cover and spread compression compared to vanilla equivalents. The greenium was a common outcome, reflecting investor preference for green bonds despite market caution. The report highlights the growing importance of green bonds in sustainable finance and the increasing demand from ESG-focused investors.