Our Methodology

Inclusion

Environmental Finance has not taken a judgement on what is green and what is not. Our focus with this database is to include all bonds that are labelled green and to allow you, the discerning professional, to then apply your opinion.

We include bonds where the issuer and/or lead manager explicitly state that they are green. This includes:

  • Corporate self labelled bonds
  • Green Asset Backed Securities; asset-backed securities whose cash flows come from a portfolio of underlying receivables such as loans, leases and PPAs. The receivables are associated with green (eg, renewable energy, energy efficiency) projects.
  • Green Project Bonds; bonds backed by the cash flows of an underlying renewable energy project or portfolio of projects
  • Green Sovereign and Supranational Bonds; bonds issued by multilateral banks, development finance institutions and export credit agencies to finance green projects. This includes bonds issued by national development banks
  • State and Municipal Bonds; bonds issued by state, municipal and provincial (ie, sub-sovereign public sector) entities to finance green projects
  • Green Guarantees; bonds issued by OPIC included

The majority of these bonds are aligned with one of;

  • The Green Bond Principles
  • Climate Bonds Certification, issued by the Climate Bonds Standard Board
  • Green Financial Bond Directive, issued by the People’s Bank of China
  • Green Bond-Endorsed Project Catalogue, issued by the People’s Bank of ChinaIssue
  • Listing of Debt Securities Regulations, 2008, issued by the Securities and Exchange Board of India

Private placements – we include private placements where these have been declared to us and we have sufficient documentation to include in the database.

Research Method

Environmental Finance has a reputation in delivering market-leading content on the green bond market. Since the launch of this market in 2007 Environmental Finance has built a respect in the market for honest and unbiased reporting based on the facts. Accuracy is important to us and with many issuers and investors sharing information with us this enables us to provide you with premium content.

Documentation and official statements are gathered by contacting issuers or lead managers involved in the issuance, through emails or phone calls. In addition, our analysts conduct web research of the issuers web sites to extract relevant information. The bulk of our data is drawn from research. All data is quantitative and does not reflect any personal belief or opinion.

Environmental Finance makes every effort to ensure the accuracy of the content however if you spot inaccuracies we apologise and ask to be kept informed. In addition if you are able to provide further documentation of interest on any of the deals we are keen to hear from you. You can contact us at info@greenbonddata.org.

For more information about green bonds and the ‘green bond principles’ please visit: http://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/GBP-2016-Final-16-June-2016.pdf

Technical info

Lead Manager allocation; Deal amount/ number of Lead managers. Note for some Municipal issues we receive specific allocation by manager and these have are used.

FX rate; exchange rate for US$ is taken daily from Oanda (https://www.oanda.com/currency/converter/) at settlement date.

Rankings are done in US $.