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Clean Energy Pipeline understands the global renewable energy investment landscape and delivers real-time news, transaction data and analytics on this increasingly complex sector. Our in-house team identifies the latest investment, M&A, project finance, fund and regulatory announcements. In addition, we deliver proprietary content including interviews, analysis, insight reports and events.

Positive market sparks green bond charge 

With green bond issuances already reaching over $58 billion in the first half of 2017, the financial instrument is well on track to break the $100 billion mark for the first time in its history, according to Clean Energy Pipeline figures.

Masala bond wets appetite in London

The Indian Renewable Energy Agency (IREDA) took its first ‘green Masala bond’ to the London Stock Exchange’s new International Securities Market last week, where it raised approximately $300 million (INR 19.5 billion).

The five-year bond came with a coupon of 7.125% and has been certified by Climate Bonds Initiative. The proceeds of the green bond will be used to finance renewable energy projects in India.

As such, four green bonds have been issued by an Indian firm on the London Stock Exchange. In total, 48 green bonds have been listed in London, raising $13 billion across seven currencies.

Xavier Rolet, CEO, London Stock Exchange Group, said: “There is an indisputable shift in momentum in green and sustainable financing across the world and London Stock Exchange Group is proud to be spearheading the growing global green and sustainable financing movement, developing innovative products and services in partnership with our customers.”

EBRD settles on $500 million bond

The European Bank for Reconstruction also launched its own green bond last week, this time coming with a short four-year term.

However, the EBRD’s green bond came at a slightly higher volume at $500 million, with an annual coupon of 1.375% and priced with a spread of +3bps over mid-swaps.

The EBRD said the bond was issued at the time [September 27] in order to ‘take advantage of the positive market environment.

Barclays, Citi and Crédit Agricole CIB were engaged as joint bookrunners.

The proceeds of the EBRD’s $500 million bond will be invested in five areas: energy efficiency, renewable energy, water management, waste management, and air pollution prevention/sustainable transport.

ICBC takes bond to Luxembourg

The Industrial and Commercial Bank of China (ICBC), the world’s largest bank, became the latest player to enter the green bond market, where it is said to have launched a €1.9 billion issuance on the Luxembourg Stock Exchange.

The proceeds of the bond will be split into four areas comprising: renewable energy, low carbon & green transport, energy efficiency, and sustainable water and wastewater management projects.

KfW revisits green bond market

German development bank KfW, which itself is no stranger to green bonds, tapped the market for the fourth time with a $1 billion issuance.

KfW’s latest US dollar-denominated green bond was also listed on the Luxembourg Stock Exchange and came with a five-year maturity, priced at a mid-swap spread of +9 bps and a benchmark spread of UST 1.625% August 2022 + 17.2 bp.


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