2018年上半年全球绿色债券市场回顾（英文版）-2mb

Green Bonds Market Summary (H1 2018)

Core Content

The first half of 2018 saw USD74.6bn in green bond issuance, with a notable increase in the number of green bond markets and issuers. The Climate Bonds Initiative (CBI) database recorded 670 green bond issues, with the majority from the USA (491), followed by Sweden (36) and China (35). The total number of green bond issuers reached 499, with 81 new entrants from 25 countries.

Key Highlights

• Total Issuance: USD74.6bn, a 4% increase year-on-year.
• Certified Climate Bonds: Accounted for 13% of H1 2018 issuance, up from 9% in 2017. June 2018 saw a record USD6bn in certified deals.
• Sovereign Issuance: Represented 13% of total volume, matching H1 2017. Lithuania issued its first green sovereign bond in May, while France re-opened its Green OAT in July.
• Emerging Markets: Contributed 19% of H1 2018 volume, with China accounting for 80% of EM issuance. Including supra-national bonds, EM market share increased to 28%.
• Local Government Issuance: Total USD2.1bn, down from 9% in 2017 to 3% in H1 2018. The US Muni sector was the largest contributor at 22%, but saw a significant drop due to the Tax Cuts and Jobs Act of 2017.
• US Municipal Green Bonds: Despite the drop, USD250bn of outstanding municipal bonds are climate-aligned. New York and California led in issuance, with USD7.2bn and USD6.9bn respectively.
• Underwriters: Bank of America Merrill Lynch (BAML) led the underwriter league table with USD3.2bn in underwritten deals. Crédit Agricole CIB and Citi ranked second and third with USD2.9bn and USD2.4bn respectively.
• Listing Venues: USD260bn worth of green bonds were listed on stock exchanges, accounting for 60% of the market. Cross market platforms added another 3%, making it 63%. The OTC market and China Interbank Bond Market were excluded, representing 23% of the market.

Main Points

• Market Growth: Green bonds increased by 4% year-on-year, with a broader range of markets and issuers.
• Certification Trends: Certified Climate Bonds rose to 13% of total issuance, with strong performance in June.
• Sector Contributions:
  • Financial Corporates: Dominated issuance at 27%, with ICBC, Bank of America, and DNB Boligkreditt leading.
  • Non-Financial Corporates: Second at 20%, with ACS, Iberdrola, and Public Service Company of Colorado driving Q2 issuance.
  • Water Sector: Largest climate-aligned theme for US municipal issuers, with USD14bn in outstanding bonds.
• US Municipal Bonds: Experienced a decline in issuance, attributed to the Tax Cuts and Jobs Act of 2017. However, there is potential for scaling up green bond issuance through refinancing of existing climate-aligned bonds.
• Emerging Markets: Continued to play a significant role, with China as the largest issuer, followed by Indonesia and South Korea.

Key Information

• Excluded Bonds: Sustainability bonds and others not aligned with the Climate Bonds Taxonomy totaled USD4.6bn, with sustainability bonds making up 38% of excluded bonds.
• Green Covered Bonds: Accounted for over 70% of cumulative covered bond figures, with 85% financing low carbon buildings. Landshypothek Bank issued the first green covered bond secured on FSC-certified forest assets in Q2 2018.
• Methodology:
  • Underwriter League Tables: Collated using Thomson Reuters data, except for US municipal bonds. Volumes include ABS deals and US municipal bonds, excluding those with less than 95% of proceeds allocated to environmental projects.
  • Listing Venue League Tables: Based on primary data sources such as Thomson Reuter EIKON, Bloomberg Terminal, and Wind Financial Terminal. Bonds are categorized into Certified Climate Bonds, external review bonds, and no review bonds. Only bonds with 100% proceeds allocated to green projects are eligible.

Conclusion

The H1 2018 green bond market showed continued growth, with increased participation from a variety of countries and sectors. While the US Muni sector faced challenges due to regulatory changes, there remains significant potential for expansion. Certification and listing venue data highlight the importance of transparency and alignment with climate goals in the green bond market.