Core Insights - The report highlights the significant growth of China's sustainable debt market, with a total issuance of GSS+ bonds reaching 4 trillion RMB (approximately 555.5 billion USD) by the end of 2024, positioning it among the top four global markets [1] - Green bonds are particularly strong, ranking third globally in issuance for 2024, while social bonds saw a remarkable year-on-year increase of 316%, and the sustainable linked bonds market became the second largest globally [1][2] - The report emphasizes the need for China to enhance transparency, align with international best practices, and expand the coverage of sovereign and municipal bonds to further develop its sustainable bond market [2] Market Development - The sustainable bond market in China is entering a critical growth phase, driven by supportive policies and initiatives from the government [1] - The Guangdong-Hong Kong-Macao Greater Bay Area has issued nearly 500 billion RMB in GSS+ bonds over the past three years, serving as a vital support for regional economic development [1] Institutional Support - Standard Chartered Bank has played a pivotal role in supporting sustainable finance innovations, exemplified by its assistance to Bright Food Group in issuing an 800 million Euro sustainable development bond, marking the first of its kind in the Asian food industry [2] - The issuance attracted significant market interest, achieving over six times subscription with orders from 162 investor accounts [2] Future Outlook - The sustainable debt market in China is expected to move towards greater standardization, transparency, and internationalization, potentially providing a model for global green finance development [3] - The deep involvement of institutions like Standard Chartered is anticipated to further integrate China's sustainable finance with international markets [3]

Core Insights - The issuance of ESG (Environmental, Social, and Governance) debt has decreased by 3% year-to-date, influenced by tariffs and a slowdown in corporate bond issuance [4][11] - As of June, the total sustainable debt issuance reached $1.09 trillion, marking the second-highest half-year issuance since records began in 2001 [4][11] Group 1: Sustainable Debt Issuance Overview - Green bonds led the issuance with a total of $377 billion, accounting for 35% of the total ESG bond issuance, although this is lower than the previous two years [4][11] - Social responsibility bonds followed with $362 billion issued, representing 33% of the total, while sustainable development bonds reached $139.9 billion [4][11] - The total outstanding sustainable debt now exceeds $9.4 trillion [4] Group 2: Sector Performance - Government sectors, including supranational organizations, led the issuance with $317 billion, although this is lower than the first half of 2024 [6][11] - The corporate sector saw a 15% decline in issuance compared to the previous year, indicating ongoing challenges [6][11] - The securitization sector recorded $300.8 billion, marking a record start for the year [6] Group 3: Leading Issuers - The top issuer, Gilead, issued $246.5 billion, followed by the International Bank for Reconstruction and Development with $35.1 billion [8][10] - The European Investment Bank ranked third with $23.9 billion, while Fannie Mae and Alstom also featured prominently among the top issuers [8][10] Group 4: Regional Trends - The Americas saw a 6.2% increase in issuance compared to the first half of 2024, driven by U.S. institutional issuances [11] - The Europe, Middle East, and Africa region experienced a 17.6% decline, while the Asia-Pacific region's issuance fell by 1.5% [11] - Supranational organizations increased their issuance by 21%, totaling $125.5 billion [11] Group 5: Currency Distribution - The U.S. dollar dominated the sustainable debt market, accounting for 46% of the issuance year-to-date, followed by the euro at 31% [13][14] - The Chinese yuan ranked third with a 5.9% share, while the British pound held a smaller share of 2.7% [13][14]

Group 1 - Santander Bank has received approval to establish a branch in Shenzhen, marking the establishment of a new European-funded bank in the region [1] - Santander Bank, founded in 1857, is the largest commercial bank in Spain and a globally significant bank, with total assets of €1.8 trillion and a net profit of €13.744 billion as of the end of 2024 [1] - The establishment of the new branch signals foreign investors' confidence in the Chinese economy and the Guangdong-Hong Kong-Macao Greater Bay Area market [1] Group 2 - China has been actively expanding high-level financial openness, implementing over 50 measures since 2018 to attract foreign investment and improve the business environment [2] - Recent policies have removed foreign ownership limits in various financial sectors, allowing foreign institutions to enjoy national treatment and expand their business scope [2] Group 3 - Shenzhen is a key destination for foreign financial institutions, with over 35 foreign banks operating in the city, holding total assets exceeding 400 billion yuan [3][7] - The presence of foreign banks in Shenzhen has significantly contributed to the development of the local financial industry, enhancing management practices and technological innovation [7][10] Group 4 - Foreign banks in Shenzhen have been actively involved in cross-border financing and settlement, with nine banks participating in the "Cross-Border Wealth Management Connect" pilot program [8] - These banks have facilitated cross-border investment channels and improved efficiency in corporate account opening and credit approval processes [8][9] Group 5 - Foreign banks are supporting Chinese enterprises in their global expansion by providing a range of financial services, including credit, bond issuance, and risk management [9] - They are also assisting in building supply chains and connecting with local governments and service providers in foreign markets [9] Group 6 - Foreign banks are playing a significant role in promoting green finance in Shenzhen, participating in various sustainable finance initiatives and projects [10] - They are collaborating with local governments to issue offshore RMB bonds, including green bonds and social responsibility bonds, to support urban development and sustainability [10]

本文来自彭博终端，终端用户可运行NSN SUQBU8DWX2PS 阅读原文。非终端用户可点击文末 "阅读原文" 预约演示。 彭博行业研究 (Bloomberg Intelligence) 就各公司、行业和市场提供全球投研分析以及交互式 数据。在 环境、社会与治理（ESG） 方面，BI研究立于行业前沿，聚焦热门话题，为您分享 关键洞察。 本期主题：亚太地区第一季度ESG债务发行疲软 2021年以来季度最低 （彭博行业研究）—— 亚太地区第一季度的环境社会与治理(ESG)债务发行量为739亿美元， 创下自2021年第四季度以来最低水平，较去年同期下降30%。可持续类债券和可持续发展挂钩 债券是唯二较去年同期有所增长的证券类型。中国农业银行以显著优势成为最大发行人，金融 业成为发行量最高的板块，其次为政府部门。中国在2月发行量上升后，成为最大发行国。 亚太地区发行量下降 社会责任债券和贷款发行疲软 第一季度，亚太地区的可持续发展债务发行量为7 3 9亿美元，较去年同期的1 , 0 6 0亿美元下降 3 0% 。 绿 色 债 券 仍 然 是 发 行 规 模 最 大 的 证 券 类 型 ， 发 行 量 为 3 3 7 ...