中資銀行引領綠色債券發行熱潮

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.

中資銀行爲環保項目借入的資金大幅增加，推動新興市場發行者對所謂“綠色”債券市場的利用首次達到發達國家的水平。

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，全球範圍綠色債券——所募資金必須用於獲批項目——的發行量達到210億美元，使得該市場註定會刷新去年360億美元的發行量紀錄。

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數據顯示，到目前爲止，新興市場綠色債券發行量已達100億美元，超過了其去年全年發行量。週二，印度同心銀行(Axis Bank)發行了5億美元的綠色債券，意味着此類債券發行量幾乎與蘋果(Apple)等總部位於發達國家的公司發行的110億美元規模相當。

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.

中資銀行在利用綠色債券市場過程中一馬當先。浦發銀行(Shanghai Pudong Development Bank)今年已通過兩次發行融資50億美元。此外，興業銀行(Industrial Bank)發債融資15億美元，青島銀行(Bank of Qingdao) 3月發債融資6億美元。

“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.

“對於亞洲的許多發行企業而言，很難爲那麼多募資所得找到合適用途，這是銀行加大發債量的原因之一，它們可以把募到的資金投入到多個項目，”美銀美林(BoAML)大中華區債務資本市場主管Conan Tam說。

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.

最近的綠色債券發行表明，如今其他企業也開始加入這一行動。上週，中國汽車製造商吉利汽車(Geely Auto)融資4億美元，用於爲英國首都開發一款電動出租車。吉利旗下擁有沃爾沃(Volvo)，以及倫敦標誌性黑色出租車的生產商。

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

3月，現代汽車(Hyundai Motor)旗下租賃部門融資5億美元，用於開發混合動力車型。

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

銀行家們表示，專爲社會責任投資目的的融資不斷增加，吸引了發行企業。

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.”

匯豐(HSBC)負責環球銀行與市場業務的副董事長利子琛(Spencer Lake)說：“在資產管理公司，被投入到可持續和綠色投資組合的資金開始增加，即將超過它們可以購買的綠色資產。”

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，亞洲之外的最大綠色債券發行方是歐洲投資銀行(European Investment Bank)和國際復興開發銀行(International Bank For Reconstruction and Development)等國際機構 ，以及蘋果和西班牙能源集團Iberdrola等大公司。