2022-12-10-亚开行-东盟绿色债券和可持续金融调查_对机构投资者和承销商观点的见解（英）_78页_11mb

SURVEY ON GREEN BONDS AND SUSTAINABLE FINANCE IN ASEAN

Survey Highlights

• Conducted November 2021 to June 2022 across 10 ASEAN countries.
• Received 314 responses from institutional investors (pension funds, asset managers, banks, insurers) and 96 from underwriters/advisors.
• Respondents in countries with developed capital markets (e.g., Singapore, Malaysia) showed greater readiness for green bond involvement.

Market Snapshot

• Green bonds dominate ASEAN sustainable bond markets, with notable growth in sustainability bonds.
• High dominance of foreign currencies in sustainable bond issuance.
• Small market share relative to total ASEAN bonds (avg. <1.6%) presents significant growth potential.
• Regional initiatives include ACGF, ASEAN standards, and INDC sustainable finance roadmaps.

Institutional Investors’ Perspectives

• Most investors are exploring or interested in green bonds, but face limited awareness and resources.
• Smaller ticket sizes preferred (USD10 million) by most investors across countries, though larger transactions noted in advanced markets.
• Renewable energy is the top promising sector, but country-specific interests vary (e.g., water management in Vietnam, clean transportation in Thailand).
• Key obstacles include lack of clear benefits compared to conventional bonds and insufficient supply.

Underwriters and Advisors Insights

• Underwriters show greater interest in larger issuance sizes (USD11–50 million).
• Key barriers include knowledge gaps on eligible projects and missing policy guidance.
• Demand from investors and tax incentives are considered primary drivers for increasing issuance.

Recommendations

1. Strengthen the supply of green bonds through development finance partnerships and credit enhancement mechanisms to enhance project bankability.
2. Establish policy guidance and definitions including national green taxonomies and sustainability disclosure standards.
3. Streamline issuance process via capacity building and technical assistance for market intermediaries and issuers.
4. Enhance market awareness and credibility by promoting standardized frameworks, locally tailored solutions, and intraregional issuances.