Data show that the total amount of green bond issuance in June was nearly 160 billion yuan, and the scale of green bond issuance in the first half of this year significantly exceeded that of the same period last year.According to industry analysts, with the continuous deepening of ESG investment concepts and the accelerated implementation of the "carbon peak" and "carbon neutral" policies, the green bond market is expected to continue to maintain rapid development, and there is a large room for expansion.
Release speed
Since 2022, green bond issuance has shown rapid growth.According to the ESG (green) bond data of the bond concept sector, in June this year, 113 green bonds were issued, with a total issuance of 158.263 billion yuan, a year-on-year increase of 37%, and the highest monthly issuance of green bonds in the first half of this year.In the first half of this year, a total of 564 green bonds were issued, with a total of 745.861 billion yuan, a year-on-year increase of about 49%.
Experts pointed out that at present, the main types of green bonds issued show the characteristics of balanced development of various bonds.Judging from the credit rating of the issuer, it is mainly AAA.In the industry distribution, the proportion of non-banking public utilities and industries is relatively stable, both maintained at around 20%.
The advantages of green bond issuance are gradually emerging.According to Soochow Securities Research Report, judging from the situation in the first quarter of this year, green bonds have an interest rate advantage over ordinary bonds for bonds issued by the same subject, at the same time, and in the same way.According to the tracking study of the green bond market in March and April by the Far East Credit Report, about 91% of green bond issuances in March showed cost advantages, ranging from 14BP to 53BP lower than comparable bonds issued in the same month.About 89% of green bond issuances in April showed cost advantages.Among comparable bonds, half of the green bonds issued in May showed an issuance cost advantage.
"Green bond issuers can obtain financing at a lower issuance cost, and the 'green' attribute provides certain benefits for the financing side." said Li Yong, chief fixed income analyst at Soochow Securities.
According to industry insiders, green bonds are linked to green projects with environmental effects. Market-oriented methods are used to guide social capital to participate and support the development of green industries, which is conducive to promoting green innovation of enterprises and is of great significance to green transformation and development.
Helping achieve the "two-carbon" goal
The development of the green bond market is inseparable from policy support.In order to further standardize the development of the domestic green bond market, support China's low-carbon transition and high-quality development, and help achieve the goals of "carbon peaking" and "carbon neutrality", the Shanghai and Shenzhen Stock Exchanges and the Interbank Market Dealers Association synchronously innovate green bonds To encourage financial institutions to support the development of green finance, the policy will help accelerate the formation of multiple types of green bond products and a multi-level market system.
In terms of innovation in green bond varieties, this year, the Shanghai Stock Exchange launched low-carbon transition corporate bonds and low-carbon transition-linked bonds, and the NAFMII also innovated transition bonds.Earlier, the Association of Dealers and the Shanghai and Shenzhen Stock Exchanges clarified the definitions and reporting requirements for "green debt financing instruments (carbon neutral bonds)" and "carbon neutral green corporate bonds".The Shanghai and Shenzhen Stock Exchanges clearly established a green bond - blue bond, which "raised funds are mainly used to support projects related to marine protection and sustainable utilization of marine resources".Innovative varieties such as sustainable development-linked bonds, "green + poverty alleviation" bonds, and green financial bonds with various themes have also been launched.
In addition, the People's Bank of China formulated the "Green Finance Evaluation Plan for Banking Financial Institutions", and green financial services including green credit and green bonds were officially included in the coverage of the evaluation business.
"With the further improvement of the 'five pillars' of the green financial market (green financial standard system, financial institution supervision and information disclosure requirements, incentive and restraint mechanisms, green financial products and market systems, and international cooperation in green finance), green concepts have become more mature, and green The bond credit rating will be more fully reflected, and the green value of the bond will be more reflected." Industry insiders commented.
policy will continue
Industry insiders generally believe that with the deepening of the "dual carbon" strategy, green financial policies will continue to exert force, and the green bond market has room for expansion.
Li Yong said that the green bond market will continue to maintain rapid development in 2022.If calculated according to the compound annual growth rate of 37.8% from 2018 to 2021, the stock of green bonds in my country will reach 2.4 trillion yuan in 2022.Among them, if the average proportion of green local government bonds in 2020 and 2021 is 34.1%, the stock of green local government bonds will reach 0.8 trillion yuan, and the scale of green credit bonds will be close to 1.6 trillion yuan. There is a large expansion of the green bond market. space, and further expansion in 2022 will be the general trend.
At the same time, the construction of the green bond market system will also "go to a new level".Liu Kang, associate researcher of the Financial Market Department of Industrial and Commercial Bank of China, said that to promote the development of my country's green bond market, it is necessary to accelerate the further integration of domestic and foreign green bond standards, strengthen the market mechanism construction and policy support for green bonds, and encourage financial institutions to continue to optimize the issuance structure and Investor structure to further innovate products.
(Editor in charge: Tian Yunfei)
