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Published on April 10th, 2017 | by Saurabh Mahapatra


Green Bonds Issuance Up 42% In Q1 2017

April 10th, 2017 by  

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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An avid follower of latest developments in the Indian renewable energy sector.

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