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IFR Green Bonds Roundtable 2015

Few capital markets developments of recent years have matched the rise and rise of green bonds. The sustainable theme has taken the capital markets by storm over the past year throughout the broad ecosystem of issuers, underwriters, investors, rating agencies, second-opinion providers, industry trade bodies and NGOs

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IFR Green Bonds Roundtable 2015: Participants

Tomas J Lundquist Citigroup Tomas Lundquist is head of European corporate DCM origination at Citigroup, responsible for origination, structuring, and execution of deals in international DCM. Lundquist joined Salomon Brothers in 1996 and spent his initial four years in the fixed-income new products group in New York. He has spent the last 15 years in the London office, where he has executed numerous transactions across sterling, euro and US dollars as well as strategic buybacks, hybrid capital financings and private placements. Mirko Gerhold...

IFR Green Bonds Roundtable 2015: Part 1

IFR: Good morning and welcome to this IFR roundtable on Green Bonds. Green Bonds have been among the most exciting developments in DCM for some considerable time. The market flourished in 2014, reaching close to US$40bn in new issuance. Beyond primary volumes, the market’s ecosystem also evolved apace, the issuer base broadened and the investor base deepened. The market’s forecasts for 2015 outstandings is around US$100bn. I’ll be curious to pursue the feasibility of hitting that number. Of course, beyond the development finance institutions...

IFR Green Bonds Roundtable 2015: Part 2

IFR: Is there scope for second-opinion arbitrage, given how many second-opinion providers there are now. Do you need to have standards in your industry? Pernille Holtedahl, DNV GL: First of all, we all have slightly different approaches, I spoke to an investor the other day who told me she’d also spoken to the other opinion providers and said: ‘what you say is very much in line with what they say’. In terms of how I present our approach compared to other opinion providers, at least we generally agree about how we differ, and I think it’s up...

IFR Green Bonds Roundtable 2015: Part 3

IFR: For issuers who don’t follow through with their green intentions, what is the sanction? Let’s say issuer X says: ‘we are going to do Y with our green bond proceeds’; they get a second opinion and we all think ‘fine’ but then six months or a year later there haven’t been any disbursements consistent with the stated use of proceeds. What needs to happen? At the end of the day, I understand the market needs to carry on growing fast to hit that US$100bn target but in order to cement the market do we need to have some sort of green event,...