中资银行引领绿色债券发行热潮

A surge in Chinese bank borrowing for environmental projects has pushed emerging market borrowers’ use of the so-called “green” bond market to match that of the developed world for the first time.

中资银行为环保项目借入的资金大幅增加，推动新兴市场发行者对所谓“绿色”债券市场的利用首次达到发达国家的水平。

Global issuance of the bonds — whose proceeds must be used for approved projects — has reached $21bn so far this year, putting the market on course to smash the record $36bn issued last year.

今年迄今，全球范围绿色债券——所募资金必须用于获批项目——的发行量达到210亿美元，使得该市场注定会刷新去年360亿美元的发行量纪录。

But emerging markets have so far accounted for $10bn of that, according to Dealogic — more than double what they borrowed in all of last year. A $500m deal launched by India’s Axis Bank on Tuesday means issuance for the sector is virtually neck-and-neck with the $11bn of bonds sold by companies, including Apple, based in the developed world.

但Dealogic数据显示，到目前为止，新兴市场绿色债券发行量已达100亿美元，超过了其去年全年发行量。周二，印度同心银行(Axis Bank)发行了5亿美元的绿色债券，意味着此类债券发行量几乎与苹果(Apple)等总部位于发达国家的公司发行的110亿美元规模相当。

Chinese banks have led the rush to tap the green market. Shanghai Pudong Development Bank has raised $5bn in two deals this year. Others include Industrial Bank, which raised $1.5bn, and Bank of Qingdao, which raised $600m in March.

中资银行在利用绿色债券市场过程中一马当先。浦发银行(Shanghai Pudong Development Bank)今年已通过两次发行融资50亿美元。此外，兴业银行(Industrial Bank)发债融资15亿美元，青岛银行(Bank of Qingdao) 3月发债融资6亿美元。

“Its hard for many Asian issuers to find suitable use of proceeds in that size and that’s one reason the banks have stepped up — they can invest the proceeds in multiple projects,” said Conan Tam, head of debt capital markets for Greater China at Bank of America Merrill Lynch.

“对于亚洲的许多发行企业而言，很难为那么多募资所得找到合适用途，这是银行加大发债量的原因之一，它们可以把募到的资金投入到多个项目，”美银美林(BoAML)大中华区债务资本市场主管Conan Tam说。

More recent deals suggests other borrowers are now getting in on the act. Last week Geely Auto, the Chinese carmaker that owns Volvo as well as the maker of London’s iconic black taxis, raised $400m to fund development of an electric taxi for the UK capital.

最近的绿色债券发行表明，如今其他企业也开始加入这一行动。上周，中国汽车制造商吉利汽车(Geely Auto)融资4亿美元，用于为英国首都开发一款电动出租车。吉利旗下拥有沃尔沃(Volvo)，以及伦敦标志性黑色出租车的生产商。

In March, Hyundai Motor’s leasing arm borrowed $500m in March to fund development of hybrid models.

3月，现代汽车(Hyundai Motor)旗下租赁部门融资5亿美元，用于开发混合动力车型。

Bankers said borrowers have been attracted by the increasing amount of funding dedicated to socially responsible investing.

银行家们表示，专为社会责任投资目的的融资不断增加，吸引了发行企业。

Spencer Lake, vice-chairman of Global Banking & Markets at HSBC, said: “The amount of money that has been put into asset manager portfolios for sustainable and green investments is growing, and it’s surpassing the amount of green assets they can buy.”

汇丰(HSBC)负责环球银行与市场业务的副董事长利子琛(Spencer Lake)说：“在资产管理公司，被投入到可持续和绿色投资组合的资金开始增加，即将超过它们可以购买的绿色资产。”

Outside of Asia the biggest issuers this year have been International agencies such as the European Investment Bank and the International Bank of Reconstruction and Development as well as large companies such as Apple and the Spanish energy company Iberdrola.

今年，亚洲之外的最大绿色债券发行方是欧洲投资银行(European Investment Bank)和国际复兴开发银行(International Bank For Reconstruction and Development)等国际机构 ，以及苹果和西班牙能源集团Iberdrola等大公司。