汇丰银行-全球-信贷市场-绿色债券洞察：债券“过渡”时间到了-2019.6.25-37页.pdfVIP免费

Disclosures&DisclaimerThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.Issuerofreport:HSBCBankplcViewHSBCGlobalResearchat:https://www.research.hsbc.comAXAIMiscallingforanew‘transition’bondlabel,ontopofthegreen,socialandsustainabilitylabelsthatalreadyexist‘Transitionbonds’couldunlocksignificantCO2emissioncuts,butsafeguardswouldbeneededtoensurerapidtransitionMeanwhile,manyexistinggreenbondshavestrongtransitionfeatures;andcurrentlylieina‘sweetspot’AXAIMhasproposedthatanew‘transition’bondlabelbeintroduced,tositalongsidegreen,socialandsustainability.Likeagreenbond,a‘transition’bondwouldfundCO2emissionreductionprojects.Butunlikegreenbonds,‘transition’bondsmightfundfossilfueltechnology–atleasttemporarily–suchascoaltogasfuelswitching,aswellasenergyefficiencyprojectsforindustrialandenergyfirms.Safeguardswouldbeneeded,wethink‘Transition’bondscouldunlocksignificantCO2emissioncuts.Transitionbondsmaybeanathematoinvestorswhowanttoinvestinwhollygreenprojects.Buttheymayappealtoimpactinvestorsaimingtofunddecarbonisation.Inourview,safeguardswouldbeneededtoensureprojectsaidrapidtransition,ratherthanlockinganeconomyintoafossilfuellikegasforthelongterm.Similarly,transitionbondsshouldnotpropuppollutingtechnologies–viaenergyefficiencyprojects–iftheycouldbereplacedwithcleanalternatives.Butmanyexistinggreenbondssupporttransition,wethinkWedonotexpecta‘transition’bondlabeltobelaunchedsoon.Inthemeantime,manyexistinggreenbondshavesignificanttransition-likefeatures–wecallthem‘alignment’greenbonds.Currentlythesealignmentgreenbondsappeartobeinasweetspot,offeringclimatebenefitswithcreditspreadcompressionpotential.TradingcallsWecloseonetradingcallontheBancoCostaRica[BNALCR]USD5.875%of2021.WeopenatradingpositiononthegreensukukfromrealestatefirmMajidAlFuttaim,the[MAFUAE]USD4.638%of2029.OpentradesaresetoutinFigure8.YTD2019greenbondsupply2.1%ofallYTDsupplyYTD2019greenbondsupplyisup57.3%versust...