新世纪评级-绿色债券发行金额环比减半——2023年7月中国绿色债券市场发行和交易概况-9页_952kb

Green Bond Market Research: July 2023 China Overview

In July 2023, China's green bond market saw a significant decline in issuance compared to June, both in terms of the number of bonds and the total amount issued. The primary market experienced a sharp drop, with the quantity of bonds issued decreasing by 184% month-over-month and by 769% year-over-year, while the total issuance amount fell by 4845% month-over-month and 1665% year-over-year. This was attributed to fewer new green bonds and specific underperformance of certain bond types, except for green asset-backed securities. Carbon neutrality bonds performed relatively well, accounting for a portion of issuance. Although there was a shift away from new green bonds offering cost advantages due to competitive pricing in the market, clean energy remained the dominant investment area. Specific data highlighted that green asset-backed securities led in both issuance volume and value, and overall registration amounts saw a substantial increase month-over-month.

The secondary market showed a modest decrease in trading volume but robust growth in terms of value. Trading activity declined slightly month-over-month in terms of the number of transactions and trading days, but it registered strong year-over-year gains in overall deal value. Bonds varied in trading performance, with certain types like financial bonds experiencing weakness, while others saw growth. Market liquidity remained relatively stable, reflecting a mix of reduced monthly activity against sustained yearly trends.

Key policy movements in July included updates to green bond standards to simplify criteria and enhance market consistency, new policies for industrial energy efficiency promoting sustainable practices, and national initiatives emphasizing carbon controls and environmental protection. High-level meetings and conferences highlighted the importance of green finance and energy transition, aligning with broader national strategies.