年内绿色债券共计发行362只 发行成本有望进一步降低

Core Viewpoint - The recent policy document from the Central Committee and State Council encourages local governments to reduce financing costs for green bonds, which are essential for promoting China's green transition [1]. Group 1: Green Bond Market Overview - As of August 13, 2023, a total of 362 green bonds have been issued this year, including green, blue, and carbon-neutral bonds [1]. - The structure of green bond issuers has changed significantly, with state-owned enterprises (SOEs) remaining the main issuers but experiencing a notable decline in issuance scale, while private enterprises have seen steady growth [1]. Group 2: Issuance Data - The issuance scale of green bonds by SOEs this year is 290.73 billion yuan, a year-on-year decrease of 40.55%, accounting for 83.53% of the total green bond issuance, down 7.31 percentage points [1]. - In contrast, private enterprises have issued 26.89 billion yuan in green bonds, a year-on-year increase of 39.45%, representing 7.73% of the total, up 4.14 percentage points [1]. Group 3: Factors Influencing SOE Issuance - The decline in SOE green bond issuance is attributed to three main factors: improved market regulations requiring higher standards for issuance, changes in market conditions influenced by local government debt management, and insufficient green project reserves among some SOEs [2]. Group 4: Cost Advantages and Challenges - Green bonds generally offer a cost advantage over regular bonds, with the average interest rate for AAA-rated 3-year green medium-term notes at 2.5531%, which is 10.4 basis points lower than that of non-green counterparts [2]. - However, the higher requirements for disclosure, assessment, and certification for green bonds increase the issuers' additional costs [2]. Group 5: Recommendations for Local Governments - Local governments can lower financing costs for green bonds by enhancing environmental information disclosure to reduce information asymmetry, thus helping investors better understand projects [3]. - They can also promote the unification of green project recognition and funding allocation based on the "Green Bond Support Project Catalog (2021 Edition)" to minimize additional costs arising from inconsistent standards [3].