1、ASEAN State of the Market 2019 Climate Bonds Initiative 1 Prepared by the Climate Bonds InitiativeSupported by HSBCWith a feature by the Asian Development Bank ASEAN Green Finance State of the Market 2019 Sovereign green bond Worlds first green sukuk Certified Climate Bond Vietnam, USD27m Thailand,

2、USD947m Philippines, USD2.02bn Malaysia, USD1.34bn Singapore, USD6.20bn Indonesia, USD2.88bn Data as of 31 December 2019 ASEAN State of the Market 2019 Climate Bonds Initiative 2 ASEAN cumulative issuance: USD13.4bn Singapore leading (mostly through green loans), followed by Indonesia. The main sect

3、ors are Buildings and Energy, the two sectors with the highest growth prospects. Contents 2 Introduction 3 ASEAN green finance market 8 Wider labelled bond market in ASEAN 9 ASEAN+3 Asian Bond Markets Initiative 10 Country overviews 17 Conclusions The Association of Southeast Asian Nations (ASEAN) c

4、omprises ten countries: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Understanding green finance Green bonds and loans Green bonds and loans are debt instruments used to finance projects, assets and activities that support climate change ada

5、ptation and mitigation. They can be issued by governments, municipalities, banks and corporates. The green bond label can be applied to any debt format, including private placement, securitisation, covered bond, and sukuk. It is global best practice for bonds and loans to be issued in line with the

6、Green Bond Principles (GBP), Green Loan Principles (GLP), the Climate Bonds Standard, as well as a number of country-specific guidelines. The key is that the use of proceeds (UoP) are financing green assets. Green definitions While there is no single set of global definitions for green bonds and loa

7、ns, the Climate Bonds Initiative uses the Climate Bonds Taxonomy, which features eight categories: Energy, Buildings, Transport, Water, Waste, Land use, Industry and ICT. CBI develops Sector Criteria with expert input from the international science community and industry professionals, against which

8、 issuers can apply to certify their green issuance under the Climate Bonds Standard V3.0 using an independent Approved Verifier. The verifier provides a third-party assessment that the use of proceeds complies with the objective of capping global warming at 2 degrees celsius. Inclusion in the CBI gr

9、een bond database Only bonds with at least 95% proceeds dedicated to green assets and projects that are aligned with the Climate Bonds Taxonomy are included in our Green Bond Database and figures. If there is insufficient information on allocations, a bond may be excluded. Notes: For the purposes of

10、 this report, country reflects the country of the issuing entity; in our global green bond database and statistics, country reflects the country of risk, which may be different if the parent of the issuing entity is from another country. For example, ICBC Singapore issued three green bonds in April

11、2019 totaling USD2.2bn; these are classified as Singapore in this report but as China in the database. Unless stated otherwise, analysis reflects the amount issued (not the number of bonds or issuers). Global green bond and loan issuance increases over 50% in 2019ASEAN green finance issuance almost

12、doubles in 2019 Globally, the volume of green bond and loan issuance rose sharply from USD171bn in 2018 to USD259bn in 2019, buoyed by strong interest from both investors and issuers. Mirroring this trend, ASEAN issuance, supported by new regulation, has also grown strongly reaching USD8.1bn in 2019

13、 from USD4.1bn in 2018, representing 3% of the global total and 12% of the Asia- Pacific region. Cumulative ASEAN issuance stands at USD13.4bn. With a population of 622 million people and an estimated combined GDP of USD3.2tn in 2019, the ten member states combined have a larger economic output than

14、 India, France or the UK. Green bond issuance from ASEAN issuers picked up pace significantly in 2019, mostly driven by corporates. With market regulations now in place to support the emergence of a buoyant green finance sector, the path towards investment in low carbon economic growth, greener infr

15、astructure and more climate-resilient economies in South-East Asia is opening. Following Climate Bonds Initiatives (CBI) first ASEAN Green Finance State of the Market 2018, this report reviews the progress made across the regional green finance landscape and emerging opportunities for more green bon

16、ds, loans and sukuks in the ASEAN nations. It analyses green bond and loan issuance in the region, provides some examples of the wider labelled bond market in the region, and includes a contribution from the ASEAN+3 Asian Bond Markets Initiative (ABMI) about its work supporting the growth of the loc

17、al green bond markets in ASEAN. Finally, it also provides country-level overviews and policy updates for Indonesia, Malaysia, the Philippines, Singapore, Thailand, Vietnam, and, in addition to the 2018 report, Cambodia, Laos, and Myanmar. Amount issued (USDbn) 0 150 50 Africa Asia-Pacific* *ASEAN is

18、suance represents 3% of global total, 12% of Asia-Pacific in 2019 Europe Latin America North America Supranational 201320152014 200 100 250 20016 Introduction ASEAN State of the Market 2019 Climate Bonds Initiative 3 The first green bond from an ASEAN country was issued in 2016 by Philipp

19、ines-based AP Renewables. It was a local currency green bond partially guaranteed by Asian Development Bank (ADB) and Certified under the Geothermal Criteria of the Climate Bonds Standard. Four years on, the green finance market is continuing to mature, with multiple issuance from financial and non-

20、financial corporates across several core markets. In Indonesia, there has been some active engagement by public authorities and the regulator, with the implementation of guidelines for the domestic market, as well as leadership from the government with two sovereign green sukuks in 2018 and 2019. De

21、spite this, there has been limited follow- on from the private sector. In contrast, Thailands private sector has seen real progress following the first steps taken by Thai Military Bank (TMB) in 2018. Two renewable energy companies and one transport company have issued green bonds, all of which were

22、 Certified under the Climate Bonds Standard. Singapore saw several deals in 2019, though highly concentrated in loan form in the real estate sector, while some non-financial corporates also reached out overseas to raise green finance. Ongoing government support for Singapore to be a regional hub for

23、 green finance is also evident.1 The Philippines saw seven green bonds issued in 2019 including a noteworthy issuance by Bank of the Philippines Islands in the Swiss markets at a negative yield (the first for a green bond from Asia). The authorities are making a strong push to advance their sustaina

24、bility roadmap for the country which is expected to result in issuance growth in the future. Malaysia continued its growth in 2019, becoming a location of choice for green sukuk transactions. To date Myanmar, Laos and Cambodia have yet to see green bond issuance. ASEAN now has 39 green bond and loan

25、 issuers The largest South East Asian issuer is ICBC Singapore, with its multi-tranche triple- currency USD2.2bn green bond. The Republic of Indonesia is the next largest, with USD2bn of green sukuk outstanding, and remains the only ASEAN green sovereign issuer. The number of issuances rose to 32 in

26、 2019 from 16 in 2018, while the number of issuers increased less, with 20 in 2019 compared to 15 in 2018. 2019 saw 15 green bonds from several repeat issuers. Examples include Philippines-based AC Energy (four green bonds issued in 2019), the Republic of Indonesia (with its second green sukuk trans

27、action) and Malaysian PNB Merdeka Ventures Sdn Bhd. Strong issuance growth reflects positive investor sentiment and anecdotal evidence 2019 saw the rise of Singapore as a regional leader Singapore has become ASEANs largest market of favourable book building; the transaction by Thailands BTS Group, f

28、or instance, was upsized and heavily oversubscribed. There were two key firsts in 2019: the first green bond in Asia to receive CBI Certification under the Low Carbon Transport Criteria (BTS Group) in Thailand and the first mini-hydro sukuk (Telekosang Hydro One Sdn Bhd) in Malaysia. 2016 2017 2018

29、2019 0 Amount issued (USDbn) 4268 Philippines Indonesia Thailand Singapore Malaysia Vietnam Vietnam USD27m Philippines USD2.02bn Sovereign green bond Certified Climate Bond First global green sukuk Malaysia USD1.34bn Singapore USD6.20bn Indonesia USD2.88bn Thailand USD947m Climate Bonds Initiative.

30、Cumulative issuance up to 31 December 2019 ASEAN green finance market overview ASEAN State of the Market 2019 Climate Bonds Initiative 4 Non-financial corporates primarily finance Energy, others are more diverse The mix of issuer types is dominated by financial and non-financial corporates Some nati

31、ons have seen stronger growth While Indonesia led the region in terms of amount issued in 2018, thanks to its sovereign green sukuk, Singapore achieved the largest share in 2019 with 55%, followed by the Philippines at 19%. Indonesia dropped to just below 10%, with Thailand closely behind at 9% and

32、Malaysia at 8%. With the recent announcement by the Singaporean Government of strong public support for green finance, we expect issuance to remain strong. The weaker issuance from Indonesia is somewhat surprising, given the strong public support by President Jokowi for sustainable development and t

33、he involvement of the financial regulator, OJK, in developing sustainable finance guidelines for the domestic markets. This may be due to the political cycle, which has slowed down the decision process, in particular for state-owned enterprises, which are strong candidates for green bond issuance go

34、ing forward. Malaysia remains an active market for Islamic (sukuk) transactions and, supported by its socially responsible investment framework, has ambitions to become a regional and global hub for green and sustainable sukuks. Financial corporates have become the largest issuer type Significant gr

35、owth in financial corporate issuance has resulted in that issuer type becoming the largest in ASEAN, representing 29% of the total, overtaking non-financial corporates with 27% and sovereign issuers with 15%.2 Green loans also feature strongly in the ASEAN market, with USD2.9bn issued, representing

36、22% of the total, largely related to Singapores real estate sector. Among debut issuers, 2019 saw 12 non- financial corporates compared to four financial institutions, demonstrating that ASEAN corporates are increasingly turning Buildings and Energy represent the majority of investments Energy 33% T

37、ransport 12% Water 8% Buildings 34% Waste 5% Land Use 3% Industry 0.2% Unallocated A Fossil fuel power generation projects are excluded; Information on the process for project selection and the UoP, as well as external review reports, must be made publicly available on a designated website; Recommen

38、dation to obtain an external review for the green bond framework, particularly for the management of proceeds and annual reports; Recommendation for external review providers to disclose their relevant credentials and expertise and the scope of the review conducted. ACMF also released the ASEAN Soci

39、al Bond Standards and ASEAN Sustainability Bond Standards in October 2018. Case study: negative yield on green bond Bank of the Philippines Islands issued two green bonds in September 2019. Demonstrating that issuers can access favorable terms in overseas markets, the first one, denominated in CHF f

40、or a term of three years, was issued in the Swiss markets and listed on the Frankfurt Rank 1 2 3 4 5 Underwriter HSBC Holdings PLC Malayan Banking Bhd Dubai Islamic Bank PJSC Citi CIMB Group Holdings Bhd Amount issued (USDm) 800 448 400 393 368 Country UK/HK Malaysia UAE USA Malaysia Deals 8 5 2 5 2

41、 Top 5 underwriters of ASEAN green bonds exchange. It raised CHF100m at a coupon of 0% and a reoffer yield of -0.02%. The second bond, denominated in USD for a term of five years, was issued for USD300m. Both bonds received SPOs from Sustainalytics. The UoP includes on-lending for projects in the En

42、ergy, Green Buildings, Water and Waste Management sectors. Both local and foreign banks active in underwriting The table above is based on lead manager and bookrunner data from Refinitiv, which covers 49% of the bonds and 52% of the amount issued in ASEAN. Although HSBC still leads the underwriter r

43、anking, both by number of deals and The profile of external reviews varies by country 0% 40% 60% 20% 80% 100% SingaporePhilippinesThailandMalaysiaIndonesiaVietnam Green ratingNo reviewSPOCertified The profile of external reviews varies between countries. SPO dominate in Indonesia and, to a lesser ex

44、tent, in Singapore, the Philippines and Malaysia. Malaysia is the only country with green ratings, all of which were provided by RAM. Meanwhile, apart from Thailands inaugural issuance by TMB Bank, all Thai deals obtained CBI Certification, and the two from Vietnam (from 2016) did not carry any exte

45、rnal review. Notably, each country has at least some labelled green debt with no review. amount issued, participation of regional banks (especially from Malaysia and, further down, Singapore) is strong and growing. One bank from the United Arab Emirates (Dubai Islamic Bank) made it into the top 5, r

46、eflecting the strong interest from Islamic investors. ASEAN State of the Market 2019 Climate Bonds Initiative 8 Climate-aligned terminology Fully-aligned climate issuers: Bond issuers that derive 95% of revenues from climate-aligned assets and green business lines. These are also referred to as full

47、y-aligned issuers. Strongly-aligned climate issuers: Bond issuers where 75%-95% of revenues are derived from climate-aligned assets and green business lines. For bonds from strongly-aligned issuers, we consider a pro rata amount corresponding to the green revenue rather than the full outstanding val

48、ue. Climate-aligned bond universe: This term is used to describe the full universe of aligned outstanding bonds5 - i.e. from fully-aligned issuers, strongly- aligned issuers and green bond issuers. SRI type Sustainability-linked credit facility Sustainability-linked credit facility Sustainability-li

49、nked term loan Sustainability bond Sustainability bonds ESG-linked loans Issuer Olam International Ltd Louis Dreyfus Co Asia CapitaLand PT Bank Rakyat Indonesia Tbk Rizal Commercial Bank (RCBC) Indorama Ventures Amount USD525m USD650m SGD150m USD500m USD300m the eligible social categories include affordable basic infrastructure, access to essential services, employment generation, affordable housing and socioeconomic advancement. However, not all such loans have strong impact measures: for example, the SGD150m sustainability-linked