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Announcement:

Moody's: France goes green: the world's largest green bond paves the way for more governments

 The document has been translated in other languages

03 Feb 2017
NOTE: On February 6 2017, the press release was corrected as follows: In the first sentence of the second paragraph, the amount of the green bond issuance was changed to €7 billion. Revised release follows.

London, 03 February 2017 -- The Government of France's (Aa2 stable) leadership in issuing the largest green bond in the world so far paves the way for other countries to do the same amid strong investor demand, and improves the green market's liquidity, says Moody's Investors Service.

France issued a €7 billion green bond on 24 January 2017 ("Obligations Assimilables du Trésor"), the proceeds of which will be invested in environmental projects to fight climate change. Demand for the bond was high, with total bids totalling €23 billion. This follows green bond issuance soaring 120% to hit an all-time high of $93.4 billion in 2016, due to robust offerings from Chinese financial institutions in particular, compared with $42.4 billion in 2015.

"The bond's size and the French government's prominence in international debt markets should help the green bond market reach critical scale in 2017," says Sarah Carlson, a Senior Vice President at Moody's.

China, Sweden, Luxembourg, Morocco, Nigeria and Bangladesh are said to be considering the issuance of sovereign green bonds.

"At last year's growth rate, volume could hit $206 billion in green bonds in 2017, and France is setting the stage for follow-on issuances globally at the sovereign level as well as across various other sectors," says Henry Shilling, a Senior Vice President at Moody's.

Asset managers were allocated one-third of the issuance, with banks, pension funds, and insurance companies each receiving one-fifth of the issuance. Data show 95% of investors in the bond were European.

Moody's report, entitled "Government of France: Sizeable and Long-Dated Green Bonds Improve Market's Liquidity," is available on www.moodys.com. The rating agency's report does not constitute a rating action.

Available data show French investors made up 37% the investor base, followed by Dutch investors at 19% and UK investors at 18%. Asian and American investors represented the remaining 5%. Demand for the bond was high, with total bids totalling €23 billion. Moody's says the French government has adopted an explicit governance structure for the selection of eligible green expenditures and also demonstrated an appetite for high levels of transparency with regard to reporting on the use and performance of proceeds, but less so as to the investment of cash pending expenditure. More than €10 billion in eligible expenditures have been identified for the government's 2017 issuance.

France has actively supported the green bond market with laws that promote investment in these instruments. Its recent issuance is the largest green bond ever issued and the largest sovereign green bond ever floated. As such, the bond is noteworthy in a number of respects beyond its approach to the evaluation of expenditures, tracking, reporting and disclosure practices. The French government has taken a leading role in advocating for climate action to prevent global warming by reducing carbon emissions. It has adopted a number of commitments to reduce greenhouse gas emissions by 2030.

For more information, Moody's research subscribers can access these reports at:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1057633

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Sarah Carlson
Senior Vice President
Sovereign Risk Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Henry Shilling
Senior Vice President
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

No Related Data.
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