Currently, the green bond market is mainly organised through market-based and industry group standards. While these voluntary standards provided a basis for the development of the green bond market, the European Commission aims to provide issuers and investors with a more extensive and uniform regulatory framework with the introduction of a European green bond standard.
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Conducted with 42 investment institutions among largest domestic and international green bond investors, the survey reveals that satisfactory green credentials and credit fundamentals are top priorities for furthering the appeal of green bonds coming from China. The purpose of the series is to determine investor attitudes to green bonds and establish what is needed for the market to develop further.
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ReNew Energy Global, an Indian renewable energy developer, announced that its wholly-owned subsidiary, India Clean Energy Holdings, raised $400 million by issuing senior secured dollar notes at a rate of 4.5 per cent. The dollar notes have been recognised as green bonds by the Climate Bonds Initiative. Also, the bonds will be listed on the Singapore Exchange. The tenor of the green bonds is 5.25 years.
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China has, for the last 6 years, been one of the world’s largest green bond markets and yet, the market in 2020 was bumpy. Total Chinese green bond issuance in the domestic and overseas market reached USD44bn (RMB289.5bn), representing a 21% decrease from the USD55.8bn (RMB386bn) achieved in 2019.
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US residential solar and battery storage company Sunnova Energy International announced its plans to issue convertible senior notes with an aggregate principal amount of up to $575 million. The bonds are due December 1, 2026, will be offered in a private placement subject to external factors. The total amount includes $500 million in bonds and an option for initial purchasers to buy up to an additional $75 million of the notes within 13 days of the issue of the bond. Further, the bonds will be convertible into cash or common shares in Sunnova at a par value of $0.0001. It can even be converted into a combination of cash and stock.
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