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Announcement:

Moody's: Q2 green bond issuance shows quarterly high; market to reach $75 billion in 2016

 The document has been translated in other languages

26 Jul 2016

New York, July 26, 2016 -- Moody's Investors Service says that global green bond issuance in Q2 2016 reached a new quarterly high of $20.3 billion -- well above the $16.9 billion recorded in Q1 -- and resulting in a total for the first six months of the year of $37.2 billion, up 89% from $19.7 billion for the first half of 2015.

"The global green bond market is now poised to reach $75 billion in total volume for 2016 and so set a new record for the fifth consecutive year, given the strong issuance already observable in the first two weeks of Q3," says Henry Shilling, a Moody's Senior Vice President. "At the time of our Q1 report, we had thought that the market could potentially reach $70 billion, well above last year's record of $42.4 billion."

"Issuance during Q2 also exhibited a more balanced profile as to issuers, sectors and countries of origin when compared with Q1, when China, due to issuance by its financial institutions, accounted for 46.7% of volume," says Shilling. "During Q2, the US led --- helped by municipal sector activity -- with 22.8% of issuance, followed by supranationals and development banks at 16.7%, and the Netherlands at 14.3%."

Moody's conclusions were contained in its just-released report on green bond issuance in Q2 2016, "Green Bonds - Global: Record Quarterly Issuance Achieved in Q2 2016; Market Poised to Reach $75 billion."

During Q2, the number of issuers and transactions also increased, with 54 distinct issuers offering a total of 81 transactions, while average transaction size fell to about $250 million per tranche.

Almost two thirds of Q2 green bond proceeds were once again earmarked for renewable energy and energy efficiency projects, with approximately 61% of issuance by total dollar volume allocated to these two categories. The clean transportation category emerged as the third most popular in the first half.

Aaa-rated transactions continued to dominate in Q2, but issuances also spanned the investment grade spectrum. Based on Moody's ratings, 97% carried investment grade ratings while 43% were rated Aaa. The one speculative grade green bond was a $500 million, Ba1-rated Banco Nacional de Costa Rica deal to finance renewable energy and clean water projects.

Moody's further notes that the performances of the broad bond market and green bonds diverged in Q2 but both continued to generate strong total returns. The bond market in aggregate and the much smaller green bond market produced strong total return returns of 2.5% and 1.7%, respectively.

During the quarter, Moody's also assigned three Green Bond Assessments -- its first application of this approach -- to residential mortgage backed securities (RMBS), as well as corporate and municipal transactions that came to market and raised about $1.8 billion.

Moody's Green Bonds Assessment (GBA) is a methodology that intends to provide an evaluation of a bond issuer's management, administration, allocation of proceeds to and reporting on environmental projects financed with the proceeds derived from green bond offerings.

Subscribers can access the full report at http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1033801

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: London +44-20-7772-5456, New York +1-212-553-0376, 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.

Henry Shilling
Senior Vice President
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Brian Cahill
MD-Asia Pac Corp and Fin Insti
Corporate Finance Group
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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