承销商拉回，绿债市场放缓

Last year’s United Nations Climate Summit marked a high point in the optimism surrounding the绿色债券市场. At the September 2014 gathering in New York, U.N. Secretary General Ban Ki-moon encouraged the private sector to boost investment in green bonds, which are intended to finance projects that combat climate change. Bank of America Corp. chairman and CEO Brian Moynihan and Jean-Yves Hocher, deputy CEO of corporate clients at French bank Crédit Agricole, committed to stepping up their firms’ underwriting of the instruments.

令人兴奋的是：2014年，根据“气候债券倡议”，在上一年的绿色债券中发布了366亿美元的绿色债券，而不是三倍。基于伦敦的非营利组织预测2015年的同样陡峭的轨迹，预计将于今年年底达到1亿美元的绿键市场。

Those high hopes have since faded — at least for now. This year’s Climate Week, taking place in New York through September 28, lacks events devoted to green bonds, though the topic is more likely to surface at the U.N. Climate Change Conference in Paris later this year. Green bond issuance for the first nine months of 2015 stands at only $25.6 billion. Subsectors that have lagged the worst this year include European and U.S. corporates, which need to ramp up their involvement for the market to reach CBI’s goal.

“我们希望看到更多[绿色债券]市场活动，”BNP Paribas的伦敦可持续资本市场总部位于伦敦的斯蒂芬妮Sfakianos说。“增长并没有像我们所喜欢的那样快。”

CBI联合创始人和首席执行官Sean Kidney非常失望。考虑到正在开发的交易，肾脏预计将爆发，将2015年的数字达到至少500亿美元，并希望达到700亿美元。但他说，他“沮丧”，市场已经放缓到加倍而不是上一年的增长。

投资者对绿色债券的兴趣没有标记，肾脏和SFAKIANOS坚持。相反，他们说，发行人已经退缩，因为可能与发出此类债券的难度和缺乏对额外工作的财务奖励有关的原因。9月中旬，CBI推出了一个三人支持服务团队，以帮助教育遗嘱发行人员，即将绿色债券提供联系。肾脏希望这项努力表明该过程不需要特别耗时或昂贵。

纽约玛丽莲·塞西（Marilyn Ceci）纽约的绿键负责人在J.P. Morgan，怀疑是新债券市场中标准的新重点，部分地解释了发行人的明显臭虫。随着中国气候科学咨询小组的投入，CBI制定了气候债券标准和认证计划，为潜在发行人和投资者提供了指导方针，并有助于定义应该算作绿色的内容。该组织去年进行了第一次债券 - 来自国家澳大利亚银行的一个产品 - 现在正在升温更广阔的市场认证。

“我认为围绕标准的一些讨论和分歧可以使某些发行人更具挑战性，”Ceci说。“我们应该注意在马之前没有推车。如果你让它太令人困惑或太难来市场，发行人认为是绿色债券，投资者将作为绿色债券购买的东西，你会努力进入和发展市场。我认为一些发行人可以拉回来，得到一点谨慎。“

Ceci favors the approach recommended by the Green Bond Principles, which she coauthored with representatives from BofA and Crédit Agricole, among other financial institutions. “Make sure you have all the information there to enable investors to make decisions,” she says. “We’re not against standards by any means, but if you push them too far before the market’s mature enough, you run the risk of pressuring the market or slowing it.” For his part, Kidney says he’s hearing from issuers that they want more, not less, clarity around what constitutes a green bond.

无论绿债发布和投资者需求之间的断开的原因，巴克莱的9月中旬报告表明，它在二级市场中影响着定价。U.K. Bank的信用分析师发现巴克莱委员会全球绿键指数的成分17个基点比巴克莱全球信用指数中的债券更紧张。

“这完全有可能,这是that’s driven by a mismatch” between demand and issuance, says Ryan Preclaw, a New York–based credit strategist at Barclays and a co-author of the report. “That mismatch is something that could be temporary, or it could be a more sustained future of the market. I would say we don’t know that yet.”

绿色债券获取高级市场的溢价有助于缓和肾的担忧。特别是对于重复发行人，他说，这种趋势应该大声地发挥投资者兴趣，并鼓励在初级市场中发展绿色债券。其他迹象表明，长期以来一直良好的迹象是市场标准的兴起和他从新兴市场发行人看到的冒泡活动以及绿色债券指数的创作，他补充道。

“I think this year has ended up developing some of the foundations for a bigger market,” Kidney says. “But we still want to see the issuance happening.”