Green Bonds Issuance Nears $40 Billion, Overtakes 2014 Total

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The global green bonds market had another blockbuster month in November, issuing more green bonds than any month so far this year.

According to the Climate Bonds Initiative, green bonds worth $7.4 billion were issued during November, topping the October total of $5.19 billion. With the November issuance, the cumulative issuance for the current year also surpassed last year’s total of $36.59 billion, with total issuance for the year standing at $39.46 billion.

November saw green bond issuances from a number of first-timers. IDBI Bank became India’s first public-sector bank to issue green bonds worth $350 million, and which was subscribed 3 times over. Several other Indian organisations are expected to issue green bonds soon. The first Indian entity to issue green bonds, Yes Bank, also announced a partnership with the London Stock Exchange to list green bonds.

HSBC Holdings issued its first green bonds in late November and managed to raise $531 million. HSBC also pledged to create an investment portfolio worth $1 billion aimed at green bonds.

French company Société Générale also raised $535 million through green bonds, with the proceeds expected to be invested in renewable energy and public transport projects. The bond issue received tremendous response and was subscribed 6 times over.

In the US, Southern Power Company raised $1 billion through green bonds worth $500 million each. Norwegian solar power project developer Scatec Solar raised $58 million at a very attractive coupon rate of 7.66% for a 3 year tenor.

In a report published in October, rating agency Moody’s predicted that the total green bonds issuance this year will exceed $40 billion and may increase further as organisations around the world may increase issuance around COP21.

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