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Sustainable Finance

Interest Rate Uncertainty, Market Volatility Keeping India’s Green Bond Issuers at Bay

With its substantial renewable energy ambitions telegraphed for years, industry practitioners often cite India as a potential major driver for the development of the sustainable finance and green bond segments among its emerging market peers. We speak with Vinod Kothari, a Kolkata-based structured finance advisor about why green bond volumes in India are down year-on-year, and the segments likely to drive issuance in the following financial year.

Green Bond Additionality: The Big Picture

Green bonds have been a phenomenon in recent years, with the market growing consistently at double digit rates, cheering environmental activists and bankers alike. But what has this astounding growth achieved and has it created additionality?

MUFG: System for Incentivising Investors Needed for Climate Bonds Uptake

Asia remains one of the leading regions for climate bond issuance in emerging markets globally, driven by both strong political will to transition towards a cleaner economy and, more fundamentally, a deep need for long-term infrastructure investment. We speak with Shyam Saraf, Director, DCM at MUFG, about how Asia’s climate bond sector is evolving to tackle the infrastructure gap.

CASE STUDY: Enel Gives Wind to First Project Financing in South Africa’s Local Renewables Market

Nedbank and ABSA Bank were instrumental in helping Enel’s Green Power Division secure ZAR14bn financing for 5 wind farm projects across the country, enhancing the deal with innovative features including a tailored shareholder structure and cross-collateralization between the sub-portfolios.

Suzano CFO on ESG: “This trend will not be reversed, and we see Brazil becoming a key part of it”

Leading Brazilian pulp and paper producer Suzano Papel e Celulose helped pioneer the country’s green bond market with the first green agricultural receivables security, or CRA, and a number of transactions on the international capital markets. The company’s CFO, Marcelo Bacci, an ardent supporter of ESG-focused investing, talks to Bonds & Loans about why the company decided to engage the sustainable finance segment despite no immediate price or funding size benefits in sight.

Mark Mobius: SMEs at the Outset of ESG – That’s Where the Real Opportunity Lies

The legendary EM investor spoke to Bonds & Loans about his new brainchild, Mobius Capital Partners - an ESG-focussed EM asset management company, and explained why when it comes to investing in sustainable finance market corporates, bigger isn't always better.

Green Sukuk: The Nexus of Islamic Finance and ESG

Despite its reputation as a heavy emitter of greenhouse gasses, Indonesia’s green sukuk was hailed as a game changer for both Islamic and ESG investing. Luky Alfirman, Director General of Budget Financing and Risk Management, Ministry of Finance in Indonesia believes its inaugural transaction in February is the first of many to come as the government looks to double down on its commitment to climate change mitigation.

ESG Integration and Engagement: South Africa Sovereign Credit

Environmental, social and governance (ESG) indicators are integral to PIMCO’s sovereign credit assessments, which inform our investment decisions. But how exactly do we incorporate ESG considerations into our decisions?

Cape Town Bolsters ESG, but What’s Green Today May Not Be Tomorrow

Cape Town is one of the few municipalities to have issued a green bond, a hugely successful transaction that generated significant oversubscription despite a challenging local market backdrop. We spoke with David Valentine, the Treasury Director and Janine Marion Abrahams, Head of Bank and Treasury Loans, Finance and Treasury Department at the City of Cape Town, about how it prepared for the transaction and why it chose to issue.

CASE STUDY: ACWA Power Teams Up with ICBC on Egypt’s Benban USD185mn Structured Loan

In a deal that involves an amortizing loan with debt and equity tranches on a non-recourse project finance basis, the Saudi Arabia-based developer broke new ground by achieving an 18-year tenor, raising USD financing with an EGP-denominated tariff and bringing in a Chinese commercial bank.

 

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