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Global green bond issuance totaled $33.
9 billion in the first quarter of this year, down 49% from the previous quarter, due to the turmoil
in credit markets caused by the pandemic, according to a report by Moody's Investors Service.
As a result, Moody's lowered its full-year issuance forecast to $175-$225 billion from the initial $300 billion
.
Data compiled by Bloomberg shows that if this forecast is maintained, 2020 will be the first year of a decline in issuance in the green bond market, which has been used to finance
projects with positive environmental or climate impacts over the past decade.
Moody's analyst Matthew Kuchtyak said in an interview that despite the rapid acceleration of overall bond issuance at the end of March, the decline in sustainable debt volumes can still be attributed to the impact of
the pandemic.
Because green bonds are "use of proceeds" instruments that require funds to be allocated to a specific project or group of projects, they are less
attractive to companies that currently only borrow to add cash to weather the economic slowdown.
Moody's believes green bond issuance "will remain in the doldrums" through the first half of 2020 and then slowly rebound in the second half as the economy slows
.
Bond issuance earmarked to fund projects with positive social outcomes reached a record $11.
9 billion in the first quarter, reflecting the global response
to the coronavirus pandemic, the report said.
Chile's social bonds are likely to be priced on Tuesday, some of which will help fund Covid-19 recovery efforts
.
Bank of America strategists wrote in Tuesday's note: "Environmental, social and governance considerations are becoming increasingly important
to investors.
"A bank survey of European credit investors found that the biggest driver driving the development of these bonds will be customers demanding environmentally and socially friendly options
.
Global green bond issuance totaled $33.
9 billion in the first quarter of this year, down 49% from the previous quarter, due to the turmoil
in credit markets caused by the pandemic, according to a report by Moody's Investors Service.
As a result, Moody's lowered its full-year issuance forecast to $175-$225 billion from the initial $300 billion
.
Data compiled by Bloomberg shows that if this forecast is maintained, 2020 will be the first year of a decline in issuance in the green bond market, which has been used to finance
projects with positive environmental or climate impacts over the past decade.
Moody's analyst Matthew Kuchtyak said in an interview that despite the rapid acceleration of overall bond issuance at the end of March, the decline in sustainable debt volumes can still be attributed to the impact of
the pandemic.
Because green bonds are "use of proceeds" instruments that require funds to be allocated to a specific project or group of projects, they are less
attractive to companies that currently only borrow to add cash to weather the economic slowdown.
Moody's believes green bond issuance "will remain in the doldrums" through the first half of 2020 and then slowly rebound in the second half as the economy slows
.
Bond issuance earmarked to fund projects with positive social outcomes reached a record $11.
9 billion in the first quarter, reflecting the global response
to the coronavirus pandemic, the report said.
Chile's social bonds are likely to be priced on Tuesday, some of which will help fund Covid-19 recovery efforts
.
Bank of America strategists wrote in Tuesday's note: "Environmental, social and governance considerations are becoming increasingly important
to investors.
"A bank survey of European credit investors found that the biggest driver driving the development of these bonds will be customers demanding environmentally and socially friendly options
.
