债券市场-全球绿色债券洞察：超越绿色债券.pdfVIP

12 November 2019 Green Bond Insights Fixed Income Global Beyond green bonds  Enel’s four sustainable development goal (SDG) linked bonds offer an alternative to green bonds  In one respect they represent a backward step, as the bond proceeds do not have to be spent on green projects…  …but the coupon step-up language linked to corporate environmental targets makes up for this, we think SDG-linked bonds Italian utility Enel issued four sustainable development goal (SDG) linked bonds, containing 25bp step-up language if Enel does not meet key green targets. We like Michael Ridley Global Head of ESG Fixed Income Research the coupon step-up language. But we see these bonds’ general corporate purpose HSBC Bank plc nature as a backward step versus the ‘use of proceeds’ format used by green bonds; michael.a.ridley@ +44 20 7991 5918 as Enel does not have to spend its bonds’ proceeds on green projects. Dominic Kini We expect more issuers to adopt similar green coupon step-up SDG-linked bonds. Analyst, Quantitative Credit Strategy HSBC Bank plc But we do not expect the green bond format to be superseded: we see a role for both dominic.kini@