Welcome to the Refinitiv IFR/DealWatch Roundtable. The spread of the coronavirus has raged around the world, but the large-scale monetary easing and economic measures in each country have helped to mitigate the crisis, and driven activity in the bond market. Investors are also eager to buy, and despite the large number of issues there is still ample demand. According to data from Deals Intelligence, corporate bond issuance in fiscal 2020 in the global market was ¥626.8trn (US$5.5bn), up 18.7%, and in the Japanese market, it was a record high of ¥16.6trn, up 6.9% on the year. As the market size, it is also changing.
リフィニティブ IFR/DealWatch ラウンドテーブルへようこそ。新型コロナウイルスの感染拡大が世界中で猛威をふるいましたが、各国の大規模な金融緩和と経済対策により危機を回避できたことで、債券市場を積極的に活用する動きが強まりました。投資家の購入意欲も旺盛で、大量に発行されたにもかかわらず、需給は引き締まった状態が続いています。Deals Intelligenceのデータによるとグローバル・マーケットにおける2020年度の社債発行は金額ベースで前年比18.7％増の626兆8056億円相当となり、日本市場でも前年比6.9％増の16兆6808億円と過去最高を記録しました。市場規模が拡大する中で、市場の変化への対応が求められています。
市場で最も関心が高いトピックが社会貢献債です。グローバル・マーケットにおける20年度のESG債は金額ベースで前年比2.9倍となる79兆8286億円相当で社債全体の12.7％ですが、日本市場では前年比1.8倍の3兆2196億円で社債全体の19.3％と、さらに高い割合を占めるまでになりました。11月の国連気候変動枠組条約第26回締約国会議（COP26）では、現在の温室効果ガスの削減案ではパリ協定が目指す「産業革命前からの気温上昇を1.5度に抑える」のは難しいことが確認され、各国には自主削減目標のさらなる強化が求められました。
欧米諸国では脱炭素化への対応を新たなビジネス機会と捉えた投資の加速に より、経済成長と温室効果ガス排出削減のデカップリングに成功しつつあり、脱炭素経済が進展しています。日本においても持続可能な社会づくりの意識が着実に高まってきており、官民を越えた建設的な議論や市場関係者の知見を 生かしたそれぞれの分野でのご尽力が脱炭素社会の実現に大いに作用することになるでしょう。
10月19日にオンラインで開催されたこのイベントには230人を超える市場参加者が視聴登録をされました。今回は日本の引受証券3社、発行体である事業会社2社と1自治体、格付機関、中央機関投資家の代表者にご登壇頂き、本邦債券資本市場で特に注目されるトピックについて2部構成で話し合いました。今回のラウンドテーブルが課題克服に向けた議論の機会となり、市場のさらなる活性化への一助になれば幸いです。IFRグループでは今後も市場の最先端の話題をタイムリーに提供してまいります。
DealWatch編集長
米田 浩子
Welcome to the Refinitiv IFR/DealWatch Roundtable. The spread of the coronavirus has raged around the world, but the large-scale monetary easing and economic measures in each country have helped to mitigate the crisis, and driven activity in the bond market. Investors are also eager to buy, and despite the large number of issues there is still ample demand. According to data from Deals Intelligence, corporate bond issuance in fiscal 2020 in the global market was ¥626.8trn (US$5.5bn), up 18.7%, and in the Japanese market, it was a record high of ¥16.6trn, up 6.9% on the year. As the market size, it is also changing.
The topic of greatest interest in the market is social contribution bonds. ESG bonds in fiscal 2020 in the global market are worth ¥79.8trn, which is nearly three times the amount the previous year, which is 12.7% of the total corporate bonds. In Japan, ESG bonds totalled ¥3.2trn in FY2020, an even higher ratio of 19.3%. At the COP26 climate summit in November, it was confirmed that it will be a challenge for the current greenhouse gas reduction plan to “suppress the temperature rise from before the industrial revolution to 1.5 degrees”, which is the goal of the Paris Agreement. Each country was required to strengthen its voluntary reduction targets.
In Western countries, the decarbonisation economy is making progress in decoupling economic growth and greenhouse gas emission reductions by accelerating investment, as investors see decarbonisation as a new business opportunity. Awareness of creating a sustainable society is steadily increasing in Japan as well, and constructive discussions in the public and private sectors coupled with deepening knowledge of market participants will help realise a carbon-free society.
More than 230 market participants registered to join the IFR/DW Roundtable, which took place online on October 19. Three Japanese banks, two corporates and one local government issuer participated alongside a ratings agency and a central institutional investor to discuss the hot topics in Japan DCM in two sections. We hope that this roundtable will be an opportunity for discussions to overcome the outlined challenges and help further revitalise the market. IFR will continue to report on the latest topics in the market.
Hiroko Yoneda
Editor-in-Chief, DealWatch
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