<\/p>\n
Global issuance still on track to meet US$950 billion full-year forecast.<\/p>\n
The global issuance of sustainable bonds slowed in the third quarter, leaving supply down marginally for the year, according to Moody\u2019s Ratings.<\/p>\n
In a research note, the rating agency reported that global issuance of green, social, sustainability, sustainability-linked and transition bonds declined by 14% in the third quarter to US$216 billion.<\/p>\n
As a result, through the first nine months of the year, global issuance of sustainable bonds is down by 3% compared with the same period last year.<\/p>\n
Given the rise in overall bond issuance this year, the market share for sustainable bonds within the overall global bond universe has dropped this year too. It\u2019s averaging 11%, which Moody\u2019s said represents the segment\u2019s lowest share since 2020.<\/p>\n
In the third quarter, European sustainable bond issuance suffered the sharpest decline, dropping 38% quarter-over-quarter to around US$80 billion, it noted.<\/p>\n
Of the US$216 billion of sustainable bonds that were issued in the third quarter, green bonds led the way at US$129 billion, followed by US$41 billion of sustainability bonds, US$37 billion of social bonds, US$6 billion of sustainability-linked bonds and US$3 billion of transition bonds, Moody\u2019s reported.<\/p>\n
Sustainable loan volumes are down sharply this year too, it noted. Total volume is down 34% from the same period last year, to US$380 billion. And, in the third quarter, sustainable loan volumes totalled just over US$100 billion, it said.<\/p>\n
Yet, despite this recent weakness, Moody\u2019s said that it still expects new sustainable bond issuance to reach its full-year forecast of US$950 billion, \u201cbuoyed by relatively robust volumes in the first half of the year and continued issuer appetite for funding environmental and social projects with labelled bonds.\u201d<\/p>\n
Indeed, the latest global conferences on climate change and biodiversity highlighted the role of the sustainable debt market in providing financing to meet policymakers\u2019 commitments in these areas, it said.<\/p>\n
\u201cGiven the need for greater financing to support national biodiversity strategies, the labelled bond market will be increasingly at the centre of efforts to channel capital to a broader array of projects. Continued growth in sustainable bonds will also support increased investment in climate mitigation and adaptation efforts, especially for emerging markets,\u201d the report said.<\/p>\n
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