H1 volume* by issuer type•

80

•
60

USD Billions

•••••

40200
H1 2018
ABS

H1 2017
Financial corporate

Non-financial corporate

Development bankLocal government

Government-backed entity

SovereignLoan

H1 use of proceeds*

80%
60%
40%
20%
0%
H1 2018

H1 2017

16

2016

2017

2018

FebMarApr

128
USD Billions

ICTIndustry
Adaptation
Land Use
Waste
Water
Transport
Buildings
Energy100%

USD Billions

H1 monthly issuance volume*

40JanMayJun

H1 2018 green bond issuance: top 15 countries*
201820
USD Billions

151050

Cumulative issuance (RHS)

100
80
60
40
200

* 2012 through 30 June 2018

New York SERDALouisiana Local Government
Environmental Facilities and Community Development
Authority2After years of rapid growth, US Muni
green bonds hit a roadblock in 2018
59

16

USD Billions

1244

40

35

84-60

1

17 20

130

2013 2014 2015 2016 2017

Amount issued

H1
2018

Number of bonds issued

Tax Cuts and Jobs Acts of 2017 has resulted in a drop in refunding issuance volume in 201840

New Capital

Refunding30
19.8

USD Billions

20
10

8.8

14.6

1223.1

4.5

10

16.2

16.9

13.4

13.8

14.7

17.1

16.1

17.9

15.6

Jan-17Jan-18

Feb-17

Feb-18Mar-17Mar-18Apr-17

Apr-18May-17

3.7

7.1

250

Source: SIFMA

Cilmate-alignedissuers

18.1

1500
1200
900
600
300
0-300

Water, USD170bn
1,141 pure-plays

Transport, USD78.5bn…
Energy, USD2.6bn
7 pure-plays

May-18Waste, USD8bn
65 pure-plays
Land use, USD4.8bn
171 pure-plays

3

Green bond underwriters league table Q2 2018
Sum without US Muni deals(TR data)

US Muni deals (CBI data)

3

USD Billions

210

Green bond underwriters league table H1 2018
5Sum without US Muni deals(TR data)

US Muni deals (CBI data)

4USD Billions

3210•••••••••••

4

Top 25 green bond listing venues
50 Bn
Certified Climate Bonds
40 Bn

External review (excl. CCB)No external review

30 Bn

USD Billions

20 Bn
10 Bn
0 Bn

••
•
•
o

•

o

•
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Climate Bonds Initiative © July 2018www.climatebonds.net

Disclaimer: The information contained in this communication does not constitute investment advice in any form and the Climate Bonds Initiative is not aninvestment adviser. Any reference to a financial organisation or debt instrument or investment product is for information purposes only. Links to external
websites are for information purposes only. The Climate Bonds Initiative accepts no responsibility for content on external websites. The Climate Bonds Initiative is
not endorsing, recommending or advising on the financial merits or otherwise of any debt instrument or investment product and no information within thisdocument should be taken as such, nor should any information in this communication be relied upon in making any investment decision. Certification under theClimate Bond Standard only reflects the climate attributes of the use of proceeds of a designated debt instrument. It does not reflect the credit worthiness of thedesignated debt instrument, nor its compliance with national or international laws. A decision to invest in anything is solely yours. The Climate Bonds Initiative
accepts no liability of any kind, for any investment an individual or organisation makes, nor for any investment made by third parties on behalf of an individual ororganisation, based in whole or in part on any information contained within this, or any other Climate Bonds Initiative public communication.

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