Green Bonds Issuance Up 42% In Q1 2017
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Continuing from perhaps the best quarter ever of October-December 2016, the green bonds market has witnessed another quarter of more than $20 billion issuance in January-March 2017.
According to the Climate Bonds Initiative, the total green bonds issuance globally stood at $21.76 billion during Q1 2017, up nearly 42% from the issuance during the same quarter last year. In comparison to Q4 2016, however, the issuance was down about 10%.
November 2016 was perhaps the best month ever for green bonds market with an issuance of $11.84 billion, representing nearly 14% of the total issuance in 2016. January 2017 came very close to this issuance with a figure of $11.2 billion. Just over $5.0 billion were issued in February and March 2017.
Some of the largest green bonds issued in January 2017 include:
- Enel: €1.25 billion ($1.34 billion)
- European Investment Bank: SEK 3 billion ($334 million)
- NWB Bank: SEK 3 billion ($334 million)
- France: €7 billion ($7.48 billion)
Some of the largest green bonds issued in February and March 2017 were:
- MidAmerican Energy: $475 million
- MidAmerican Energy: $375 million
- Neerg Power: $475 million
- Iberdrola: €500 million ($534 million)
- SEB: €500 million ($534 million)
- China Development Bank: CNY 5 billion ($725 million)
Some of the largest green bonds issued in March 2017 were:
- Agricultural Development Bank of China: CNY 4 billion ($580 million)
- Caisse des Dépôts et Consignations: €500 million ($534 million)
- NAB: €500 million ($534 million)
- Iberdrola: €1 billion ($1.07 billion)
- Queensland Treasury Corporation: AUD 750 million ($567 million)
- Engie: €800 million ($854 million)
- Engie: €700 million ($747 million)
- SNCF: €1 billion ($1.07 billion)
- National Bank of Abu Dhabi: $587 million
- Commonwealth Bank of Australia: AUD 450 million ($340 million)
France, Iberdrola, and Enel have issued green bonds worth $10.39 billion representing around 48% of the total issuance in Q1 2017.
2017 Issuance Estimate Increased To $150 Billion
Buoyed by the momentum in the green bonds market, the Climate Bonds Initiative has increased its issuance estimate for the year from $130 billion to $150 billion. It had estimated an issuance of $100 billion in 2016 while the actual issuance fell short at just over $86 billion.
Rating agency Moody’s, however, has a much more optimistic number of $208 billion issuance. Moody’s would also have a slightly different definition for green bonds than Climate Bonds Initiative.
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