Green Bond Issuance Doubled in 2017

Gross issuance of green bonds reached USD 157 billion in 2017, nearly double that of the previous year. Fourth quarter issuance was the fastest quarterly pace on record, adding USD 48 billion, 30% more than seen in each of the previous three quarters.

Issuers and issuance types continue to diversify. Asset-backed security (ABS) issuance had the largest year-over-year increase, accounting for USD 36 billion (23% of gross 2017) of total issuance, up from USD 8.6 billion (8.6% of gross 2016). Development Banks, which historically have been the dominant issuers, issued USD 21 billion (14% of gross 2017), down from USD 24 billion (28% of gross 2016) the previous year. Sovereign issuance, which began with Poland in December 2016, has grown to USD 14 billion as of March 2018, with French Treasury, Fijian, Nigerian, Belgium, and Indonesian sovereign bonds. Hong Kong outlined a grant for first-time green corporate bond issuers and plans to issue the largest amount of green sovereign bonds this year.

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