Sustainable bonds, green bonds
In the first quarter of 2024, the total scale of various types of sustainable bonds issued in the mainland market was about 189.4 billion yuan.
Labeled green bonds: The issuance scale in the first quarter was 114.515 billion yuan, a year-on-year decrease of 40.7%, and the funds raised were mainly invested in green infrastructure upgrading and clean energy industries. In terms of issuance costs, 77% of green bonds with comparable bonds have lower issuance rates. In terms of issuance venues, more than 80% of the green bonds issued in the first quarter were issued in the interbank market. In terms of underwriting by banking institutions, Bank of China ranked first in terms of the scale and number of green bond underwriting in the first quarter. In terms of liquidity in the secondary market, in the first quarter, the trading volume of green bonds was 231.7 billion yuan, and the average monthly turnover rate was 4.9%, both of which decreased from the previous quarter, but the gap with the turnover rate of the whole market narrowed slightly.
Transition bonds: A total of 19 transition bonds were issued in the first quarter, with a total scale of 23.502 billion yuan, a year-on-year increase of 459.6%. It includes 14 sustainability-linked bonds with a total size of 11.145 billion yuan, 4 low-carbon transition-linked bonds with a total size of 2.357 billion yuan, and 1 low-carbon transition bond with a total size of 10 billion yuan.
Other sustainability-related thematic bonds: In the first quarter, a total of 22 rural revitalization bonds were issued, with a total scale of 13.244 billion yuan, 7 social undertaking bonds with a total scale of 20.057 billion yuan, 7 Belt and Road bonds with a total scale of 13.665 billion yuan, 1 sustainable development bond with a total scale of 3 billion yuan, and 1 green environmental protection local government bond with a total scale of 1.448 billion yuan.
Policy developments: The National Development and Reform Commission, the Ministry of Industry and Information Technology and other ten departments issued the "Green and Low-Carbon Transformation Industry Guidance Catalogue (2024 Edition)", and the basic standards for green finance ushered in a major update; The National Association of Financial Market Institutional Investors (NAFMII) issued the Notice on the Application of Green Debt Financing Instruments <绿色债券存续期信息披露指南>and the Notice on Prompting the Disclosure of Periodic Reports on the Duration of Green Financial Bonds in 2024 to strengthen the information disclosure requirements for green bonds.
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