全球社会可持续发展债券市场前景及投资研究报告-培训课件外文版2024.4

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TRENDSSocialandsustainabilitybondsworldwideCHAPTER

01OverviewGlobaloutstandingsustainabledebtasof2022,byinstrument(inbillionU.S.dollars)Globaloutstandingsustainabledebt2022,byinstrument2,5001,9212,0001,5001,0005001,089636546528213948803Description:Inrecentyears,sustainabledebtinstrumentshavebeenexpandingandgrowinginpopularity.Asof2022,thetotaloutstandingvalueofsustainabledebtinstrumentsamountedtoapproximately5.2trillionU.S.dollars.Themostpopularinstrumentweregreenbonds,whichaccountedformorethanonethirdofthetotaloutstandingsustainabledebtworldwide.ReadmoreNote(s):Worldwide;2022Source(s):Bloomberg;IIFGlobaloutstandingsustainabledebtasof2022,byinstrumentandgroup(inbillionU.S.dollars)Globaloutstandingsustainabledebt2022,byinstrumentandgroupValueinbillionU.S.dollarsEmergingmarkets

Offshorecenters600

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1,200MaturemarketsSupranationals1,40002004001,6001,8002,0002,200GreenbondsSustainability-linkedloansSustainabilitybondsSocialbondsGreenloansSustainability-linkedbondsGreenABSGreenmunicipalbonds4Description:Inrecentyears,sustainabledebtinstrumentshavebeenexpandingandgrowinginpopularity.Asof2022,thetotaloutstandingvalueofsustainabledebtinstrumentsamountedtoapproximately5.1trillionU.S.dollars.Themostpopularinstrumentweregreenbonds,whichaccountedformorethanonethirdofthetotaloutstandingsustainabledebtworldwide.ReadmoreNote(s):Worldwide;2022Source(s):Bloomberg;IIFGlobalESGdebtissuancefrom2020to1stquarter2023,bycountry(inbillionU.S.dollars)Globalsustainabledebtissuance2020-Q12023,bycountry2020129.394.7222021233.2176.5117.8125.6192022198Q1

202330.128.522.717.813.212.211.19.2U.S.FranceChina125.2158.793GermanyNorwayItaly76.69.915.965.245.726.945.345.5421858.439.538Japan23.69.2AustraliaSpain3658.1448.6NetherlandsUK17.626.714.51.96.892.227.67.86.6CanadaAustria23.611.36.265Description:Inrecentyears,sustainabledebtinstrumentshavebeenexpandingandgrowinginpopularity.Duringthefirstquarterof2023,theU.S.issuedESGdebtworth30billionU.S.dollars,makingittheleadingcountryworldwide.SecondintherankingwasFrance,withsustainabledebtissuedworth28.5billionU.S.dollars.ReadmoreNote(s):Worldwide;2020toQ12023Source(s):Bloomberg;IIFGlobalESGdebtissuanceasshareoftotaldebtissuedfrom2020to1stquarter2023,bycountry(inbillionU.S.dollars)Globalsustainabledebtissuanceasshareoftotaldebtissued2020-2023,bycountry20200%202120220%Q1

202371%SloveniaIreland19.2%4.8%2.5%6.3%8.3%2.1%6.7%0%11.5%12.7%27.7%5%35.9%35.7%33%NorwayDenmarkSaudiArabiaPortugalIsrael11%17.6%4.4%22.9%15.6%14.8%13.3%12.9%12%13.2%6.7%20.5%2.1%BelgiumAustria4.3%0.8%1.7%3.5%1.8%6.9%5.2%10.8%10.4%6.8%4.7%AustraliaNetherlandsItaly10.1%12.9%7.1%13.4%10.3%11.1%11%10.6%10%France13.9%6Description:Inrecentyears,sustainabledebtinstrumentshavebeenexpandingandgrowinginpopularity.Duringthefirstquarterof2023,amongallcountrieslisted,Sloveniahadthehighestshareofsustainabledebtissued,amountingto71percentoftotaldebtissued.Irelandwassecondintheranking,with36percentofitsdebtissuanceclassifiedassustainabledebt.ReadmoreNote(s):Worldwide;2020toQ12023Source(s):Bloomberg;IIFValueofsustainablebondsissuedworldwidefrom2014to2022,bycategory(inbillionU.S.dollars)Globalsustainablebondissuance2014-2022,bycategoryGreenbondSocialbondSustainabilitybond1,4001,2001,00080060040020002014201520162017201820192020202120227Description:Globalissuanceofsustainablebondsreachedapproximately900billionU.S.dollarsin2022,afterexceedingonetrillionthepreviousyear.GreenbondsaccountedfornearlytwothirdsofthetotalGSSbondsissuedin2022.

ReadmoreNote(s):Worldwide;2014to2022Source(s):ClimateBondsInitiativeDistributionofgreen,social,andsustainability(GSS)bondsissuanceworldwide2019-H12023,byregionDistributionofGSSbondsissuanceworldwide2019-H12023,byregionSupranationalNorthAmericaEuropeAsia-PacificLatinAmericaMiddleEast&Africa100%90%80%70%60%50%40%30%20%10%0%2019202020212022H120238Description:Inthefirsthalfof2023,Europeaccountedfor51percentoftotalgreen,social,sustainability,andsustainability-linked(GSSS)bondsissuedworldwide.EuropehasbeentheleadingissuerofGSSSbondssincetheirinception.Asia-PacificwasthesecondlargestcontributortoGSSSissuance,accountingfor20percentofthetotalinthefirsthalfof2023.ReadmoreNote(s):Worldwide;2019toH12023Source(s):EnvironmentalFinance;S&PGlobalCumulativekeyindicatorsofsocialbondsmarketworldwideasof2022Socialbondsmarketsworldwidekeyindicators20229007728007006005004003002001000653.64942ValueofbondsissuedinbillionU.S.dollarsNumberofissuersNumberofcountriesNumberofcurrenciesIndicator9Description:AsofDecember31,2022,thetotalvalueofsocialbondsreached653.6billionU.S.dollarsworthofinvestmentsissuedby772countriesororganizationsworldwide,in42currencies.

ReadmoreNote(s):Worldwide;asof2022Source(s):ClimateBondsInitiativeCountrieswithhighestvalueofsustainablebondsissuedworldwidein2022,bycategory(inmillionU.S.dollars)Globalsustainablebondmarketvalue2022,bycategoryandcountryValueinmillionU.S.dollarsGreenbond40,000SocialbondSustainabilitybond020,00060,00080,000100,000120,000UnitedStatesFranceChinaGermanyNetherlandsSouthKoreaUnitedKingdomJapanSpainItalyCanadaSweden10Description:In2022,thecountrythatissuedthehighestvalueofsustainablebonds-eitherfromthegovernmentororganizationsdomiciledinthatcountry-wastheUnitedStates,withover104billionU.S.dollarsoffixedincomedebtissued.Francewassecondwithnearly90billionU.S.dollars,thentheChinawith88billionU.S.dollars.However,itshouldbenotedthatthebalancebetweendebtforenvironmentalandsocialpurposeswasverydifferentbetweenthesecountries,withthemajorityofdebt[...]

ReadmoreNote(s):Worldwide;2022Source(s):ClimateBondsInitiativeCumulativekeyindicatorsofsustainabilitybondsmarketworldwideasof2022Sustainabilitybondsmarketsworldwidekeyindicators202280068270060050040030020010005075741ValueofbondsissuedinbillionU.S.dollarsNumberofissuersNumberofcountriesNumberofcurrenciesIndicator11Description:AsofDecember31,2022,thetotalvalueofsustainabilitybondsreached682billionU.S.dollarsworthofinvestmentsissuedby507countriesororganizationsworldwide,in41currencies.

ReadmoreNote(s):Worldwide;asof2022Source(s):ClimateBondsInitiativeCHAPTER

02SocialbondsKeyindicatorsofsocialbondsmarketworldwidein2021and2022Socialbondsmarketsworldwidekeyindicators2021-2022Indicator2021219.590.5183302022130.355.215327ValueofbondsissuedinbillionU.S.dollarsAveragevalueinbillionU.S.dollarsNumberofissuersNumberofcountriesNumberofcurrencies272413Description:In2022,thetotalvalueofsocialbondsissuedamountedto130.3billionU.S.dollars.Thatwasasignificantlylowervaluethaninthepreviousyear,whenissuancereachedavalueofnearly220billionU.S.dollars.Thenumberofissuersalsodecreasedfrom183to153.ReadmoreNote(s):Worldwide;2021and2022Source(s):ClimateBondsInitiativeValueofsocialbondsissuedworldwidefrom2016to2022,byregion(inbillionU.S.dollars)Valueofsocialbondsissuedworldwide2022,byregionEuropeAsia-PacificNorthAmericaLatinAmericaAfricaSupranational300250200150100500201620172018201920202021202214Description:In2022,socialbondsissuanceworldwideamountedto130billionU.S.dollars.Europewastheleadingregiongloballythatyear,accountingformorethan50percentoftotalsocialbondsissuance.NorthAmericawasthesecondregionintheranking,with18billionU.S.dollarsworthofbondsissued.ReadmoreNote(s):Worldwide;2016to2022Source(s):ClimateBondsInitiativeValueofsocialbondsissuedworldwidefrom2016to2022,byissuertype(inbillionU.S.dollars)Socialbondsissuedworldwide2016-2022,byissuertypeGovernment-backedentitiesNon-financialcorporationsFinancialcorporationsSovereignstatesLocalgovernmentsNot-for-profitDevelopmentbanks300250200150100500201620172018201920202021202215Description:In2022,thecombinedvalueofsocialbondsissuedworldwidereached130billionU.S.dollars.Government-backedentitiesmadethelargestcontribution,accountingformorethan50percentofthetotal.Financialcorporationscamesecond,withavalueof22billionU.S.dollarsandaccountingforlessthan20percentoftotalsocialbondsissued.ReadmoreNote(s):Worldwide;from2016to2022Source(s):ClimateBondsInitiativeCumulativevalueofsocialbondsissuedworldwideasof2022,bycountry(inbillionU.S.dollars)Cumulativevalueofsocialbondsissuedworldwide2022,bycountrySocialbondsinbillionU.S.dollars80

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1200204060140160180200220FranceSupranationalChina196.1161.279.9USA55.2SouthKoreaNetherlandsChile36.722.717.21514.911.88.78.4SpainGermanyJapanItalyUKOthers25.816Description:AsofDecember31,2022,Franceissuedthehighestvalueofsocialbondsworldwide,amountingtonearly200billionU.S.dollars.Amongthetwelvecountrieslisted,theUnitedKingdom(UK)andItalyhadthelowestvalueofsocialdebtissued,approximatelyninebillionandeightbillionU.S.dollarsrespectively.Also,socialbondsissuedatasupranationallevelwereworthover161billionU.S.dollars.ReadmoreNote(s):Worldwide;AsofDecember31,2022Source(s):ClimateBondsInitiativeValueofsocialbondsissuedworldwidein2022,bycurrency(inbillionU.S.dollars)Socialbondsissuedworldwide2022,bycurrencyBondsissuedinbillionU.S.dollars20

3001040506070Euro-EURU.S.Dollar-USD63.243.4SouthKoreanWon-KRWJapaneseYen-JPY6.43.7BritishPound-GBPAustralianDollar-AUDNewZealandDollar-NZDMexicanPeso-MXNHongKongDollar-HKDCanadianDollar-CADOthers32.51.81.21.112.817Description:In2022,thecombinedvalueofsocialbondsissuedworldwidereachedapproximately130billionU.S.dollars.TheEuro(EUR)dominatedthesocialbondsmarket,representingnearly50percentofthetotalissuance.ThesecondcurrencyforsustainabilitybondswastheU.S.Dollar(USD),accountingforapproximately30percentofthetotalissuance.ReadmoreNote(s):Worldwide;2022Source(s):ClimateBondsInitiativeCHAPTER

03LeadingissuersLargestissuersofsocialbondsintheUnitedStatesin2022(inbillionU.S.dollars)LargestsocialbondsissuersintheU.S.20221411.812108642.92.720FannieMaeCitigroupCommonwealthofMassachusetts19Description:In2022,thebiggestissuerofsocialbondsintheUnitedStateswasFannieMae.Astate-sponsoredcompanyandthecountry'slargestmortgagebank,FannyMaeissuedsocialbondsworth12billionU.S.dollarsin2022.Ontheotherhand,Citigroup'sissuance,amultinationalinvestmentbankandfinancialservicescorporation,whilesignificant,wasconsiderablylower,atthreebillionU.S.dollars.ReadmoreNote(s):Worldwide,UnitedStates;2022Source(s):EnvironmentalFinanceLargestissuersofsocialbondsinFrancein2022(inbillionU.S.dollars)LargestsocialbondsissuersFrance20224539.640353025201510510.990CadesUnédicCreditAgricoleCIB20Description:In2022,thebiggestissuerofsocialbondsinFrancewasCades.TheFrenchadministrativestateagencyissuedsocialbondsworthnearly40billionU.S.dollarsin2022,makingitbyfartheleadingissuerofsocialbondsinthecountry.

ReadmoreNote(s):France;2022Source(s):EnvironmentalFinanceLargestissuersofsocialbondsinGermanyin2022(inbillionU.S.dollars)LargestsocialbondsissuersGermany20222.01.81.61.41.21.00.80.60.40.20.01.910.79VonoviaNRW.BANKBerlinHyp21Description:In2022,thebiggestissuerofsocialbondsinGermanywasVonovia.Germany'sleadingresidentialrealestatecompany,Vonovia,issuedsocialbondsworthnearlytwobillionU.S.dollarsin2022.NRW.BANKwasthesecondleadingissuerinGermany,withsocialbondsissuedworthonebillionU.S.dollars.ReadmoreNote(s):Germany;2022Source(s):EnvironmentalFinanceLargestissuersofsocialbondsinSouthKoreain2022(inbillionU.S.dollars)LargestsocialbondsissuersSouthKorea20222017.318161412108643.7420KoreaHousingFinanceCorporationKOSMEIndustrialBankofKorea(IBK)22Description:In2022,thebiggestissuerofsocialbondsinSouthKoreawastheKoreaHousingFinanceCorporation.AGovernment-Sponsored-Enterprise(GSE)thatfacilitatesasupplyoffinancingforhousing,KoreaHousingFinanceCorporationissuedsocialbondsworth17billionU.S.dollarsin2022.ReadmoreNote(s):SouthKorea;2022Source(s):EnvironmentalFinanceLargestissuersofsocialbondsinJapanin2022(inmillionU.S.dollars)LargestissuersofsocialbondsJapan20224.544.03.53.02.52.01.51.00.50.02.92.4EastNipponExpresswayWestNipponExpresswayJapanExpresswayHoldingandDebtRepaymentAgency23Description:In2022,thebiggestissuerofsocialbondsinJapanwastheWestNipponExpressway.OneofthemainoperatorsofexpresswaysandtollroadsinJapan,thecompanyissuedsocialbondsworthfourbillionU.S.dollarsin2022.ThesecondlargestissuerinJapanwastheWestNipponExpressway,followedbytheJapanExpresswayHoldingandDebtRepaymentAgency.ReadmoreNote(s):Japan;2022Source(s):EnvironmentalFinanceLeadingsovereignissuersofsocialbondsworldwideasof2022,bycumulativevalue(inbillionU.S.dollars)Leadingsovereignissuersofsocialbondsworldwide2022,bycumulativevalue1816.6161412108641.720ChileGuatemala24/statistics/1428623/leading-sovereign-social-bonds-worldwideAsofDecember31,2022,Chilewastheleadingsovereignofsocialbonds,withthecumulativeissuanceamountingtoapproximately17billionU.S.dollars.Guatemalaplacedsecond,withsovereignsocialbondsissuedworth1.7billionU.S.dollars.

ReadmoreNote(s):Worldwide;asof2022Source(s):ClimateBondsInitiativeCHAPTER

04SustainabilitybondsKeyindicatorsofsustainabilitybondsmarketworldwidein2021and2022Sustainabilitybondsmarketsworldwidekeyindicators2021-2022Indicator2021204.1176.12622022161.3131.9206ValueofbondsissuedinbillionU.S.dollarsAveragevalueinbillionU.S.dollarsNumberofissuersNumberofcountries4736Numberofcurrencies312826/statistics/1428434/sustainability-bonds-markets-worldwide-key-indicators-yearlyIn2022,thetotalvalueofsustainabilitybondsamountedto161.3billionU.S.dollars,adecreaseincomparisontothepreviousyear,whenissuancereachedavalueofover200billionU.S.dollars.Thenumberofissuersalsofellfrom262to206.

ReadmoreNote(s):Worldwide;2021and2022Source(s):ClimateBondsInitiativeValueofsustainabilitybondsissuedworldwidefrom2016to2022,byissuertype(inbillionU.S.dollars)Sustainabilitybondsissuedworldwide2016-2022,byissuertypeDevelopmentbanksLocalgovernmentsFinancialcorporationsSovereignstatesNon-financialcorporationsNot-for-profitGovernment-backedentities250200150100500201620172018201920202021202227Description:In2022,thecombinedvalueofsustainabilitybondsissuedworldwideexceeded160billionU.S.dollars.Developmentbanksmadethelargestcontribution,accountingfornearly50percentofthetotal.Financialcorporationscamesecond,withavalueof35billionU.S.dollarsandaccountingforapproximately20percentoftotalsustainabilitybondsissued.ReadmoreNote(s):Worldwide;from2016to2022Source(s):ClimateBondsInitiativeValueofsustainabilitybondsissuedworldwidefrom2016to2022,byregion(inbillionU.S.dollars)Valueofsustainabilitybondsissuedworldwide2022,byregionEuropeAsia-PacificNorthAmericaLatinAmericaAfricaSupranational250200150100500201620172018201920202021202228Description:In2022,sustainabilitybondissuanceworldwideamountedtoover160billionU.S.dollars.Asia-Pacificwastheleadingregionglobally,withavalueof38billionU.S.dollars.Europeplacedsecond,withapproximately34billionU.S.dollarsworthofbondsissued.ReadmoreNote(s):Worldwide;2016to2022Source(s):ClimateBondsInitiativeCumulativevalueofsustainabilitybondsissuedworldwideasof2022,bycountry(inbillionU.S.dollars)Cumulativevalueofsustainabilitybondsissuedworldwide2022,bycountrySocialbondsinbillionU.S.dollars150

200050100250300350SupranationalUnitedStatesSouthKoreaFrance290.167.938.929.828.62624.320.7GermanyJapanNetherlandsUKSpain20Mexico16.2China1211.6AustraliaOthers95.729Description:AsofDecember31,2022,theUnitedStateshadissuedthehighestcumulativevalueofsustainabilitybondsworldwide,amountingtonearly70billionU.S.dollars.Amongthetwelvecountrieslisted,AustraliaandChinahadthelowestvalueofsustainabilitydebtissued,withapproximately12billionU.S.dollarseach.Also,socialbondsissuedatasupranationallevelwereworth290billionU.S.dollars.ReadmoreNote(s):Worldwide;AsofDecember31,2022Source(s):ClimateBondsInitiativeValueofsustainabilitybondsissuedworldwidein2022,bycurrency(inbillionU.S.dollars)Sustainabilitybondsissuedworldwide2022,bycurrencyBondsissuedinbillionU.S.dollars30

400102050607080U.S.Dollar-USDEuro-EUR74.535.8AustralianDollar-AUDBritishPound-GBPThaiBaht-THB11.58.37.7SouthKoreanWon-KRWJapaneseYen-JPYMexicanPeso-MXNCanadianDollar-CADPhilippinePeso-PHPOthers554.93.41.48.930Description:In2022,thecombinedvalueofsustainabilitybondsissuedworldwidereachedapproximately166billionU.S.dollars.TheU.S.dollar(USD)dominatedthesustainabilitybondsmarket,representingnearlyhalfofthetotalissuance.ThesecondcurrencyforsustainabilitybondswastheEuro(EUR),accountingforapproximately20percentofthetotalissuance.ReadmoreNote(s):Worldwide;2022Source(s):ClimateBondsInitiativeCHAPTER

05LeadingissuersLargestissuersofsustainabilitybondsinJapanin2022(inbillionU.S.dollars)LargestsustainabilitybondsissuersJapan20222.522.01.51.00.50.00.90.67JapanInternationalCooperationAgencyDevelopmentBankofJapanKDDI32Description:In2022,thebiggestissuerofsustainabilitybondsinJapanwastheJapanInternationalCooperationAgency(JICA).Thecountry'slargestcooperationagencyissuedsustainabilitybondsworthtwobillionU.S.dollarsin2022.SecondintherankingcametheDevelopmentBankofJapan,withavalueof900millionU.S.dollars.ReadmoreNote(s):Japan;2022Source(s):EnvironmentalFinanceLargestissuersofsustainabilitybondsinSouthKoreain2022(inbillionU.S.dollars)LargestsustainabilitybondsissuersSouthKorea20221.41.21.21.00.80.60.40.20.00.840.83KookminBankWooriBankKEBHanaBank33Description:In2022,thebiggestissuerofsustainabilitybondsinJapanwasKookminBank.OnethelargestbanksinSouthKorea,KookminBank,issuedsustainabilitybondsworth1.2billionU.S.dollarsin2022.SecondintherankingcametheWooriBank,withavalueof844millionU.S.dollars.ReadmoreNote(s):SouthKorea;2022Source(s):EnvironmentalFinanceLargestissuersofsustainabilitybondsinUnitedStates(U.S.)in2022(inbillionU.S.dollars)LargestsustainabilitybondsissuersintheU.S.20222.5222.01.51.00.50.01.8WellsFargoBankofAmericaNewYorkCityHousingDevelopmentCorporation34Description:In