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World Bank Document Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Corporate Sustainable Bonds in Emerging Markets AN ANALYSIS OF STATUS AND POTENTIAL Public Disclosure Authorized IFC – a sister organization of the World Bank and member of the World Bank Group – is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, please visit www.ifc.org HSBC Global Asset Management, the investment management business of the HSBC Group, invests on behalf of HSBC’s worldwide customer base of retail and private clients, intermediaries, corporates and institutions through both segregated accounts and pooled funds. HSBC Global Asset Management connects HSBC’s clients with investment opportunities around the world through an international network of offices in 26 countries and territories, delivering global capabilities with local market insight. As of 30 September 2020, HSBC Global Asset Management managed assets totally US$571 billion on behalf of its clients. For more information, please see www.global.assetmanagement.hsbc.com Acknowledgements This report was supported by the Technical Assistance Facility managed by International Finance Corporation in an effort to expand emerging market real sector green bond supply. This research publication is prepared under the leadership of Peter Cashion (Chief Investment Officer) and Quyen Thuc Nguyen (Senior Operations Officer). The authors are Yang Li and Andreas Wohlhueter, with support from IFC specialists Francisco Avendano, Denise Odaro, Riccardo Ambrosini, and Martin Dasek. The authors of this research express special appreciation to IFC Communication Team Henry Pulizzi and Rob Wright, editor Matthew Benjamin, and creative designers Sarah Hollis, Debra Malovany, Bruno Bonansea, Rwaida Gharib, and Jeff Lawrence. © International Finance Corporation [2020]. All rights reserved. 2121 Pennsylvania Avenue, N.W. Washington, D.C. 20433 Internet: www.ifc.org The material in this work is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. IFC encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly, and when the reproduction is for educational and non-commercial purposes, without a fee, subject to such attributions and notices as we may reasonably require. IFC does not guarantee the accuracy, reliability or completeness of the content included in this work, or for the conclusions or judgments described herein, and accepts no responsibility or liability for any omissions or errors (including, without limitation, typographical errors and technical errors) in the content whatsoever or for reliance thereon. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. The findings, interpretations, and conclusions expressed in this volume do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The contents of this work are intended for general informational purposes only and are not intended to constitute legal, securities, or investment advice, an opinion regarding the appropriateness of any investment, or a solicitation of any type. IFC or its affiliates may have an investment in, provide other advice or services to, or otherwise have a financial interest in, certain of the companies and parties (including named herein). All other queries on rights and licenses, including subsidiary rights, should be addressed to IFC Communications, 2121 Pennsylvania Avenue, N.W., Washington, D.C. 20433. International Finance Corporation is an international organization established by Articles of Agreement among its member countries, and a member of the World Bank Group. All names, logos and trademarks are the property of IFC and you may not use any of such materials for any purpose without the express written consent of IFC. Additionally, “International Finance Corporation” and “IFC” are registered trademarks of IFC and are protected under international law. Cover Photo: Romania. Jutta Benzenberg, World Bank. Photo: Shutterstock Corporate Sustainable Bonds in Emerging Markets AN ANALYSIS OF STATUS AND POTENTIAL Contents KEY TAKEAWAYS ............................................................................viii SECTION 1: INTRODUCTION ...............................................................1 SECTION 2: GLOBAL AND EM BOND MARKETS OVERVIEW ................... 2 SECTION 3: EM GREEN AND SUSTAINABILITY BOND MARKETS IN THE GLOBAL CONTEXT ................................................................. 4 SECTION 4: TARGET REGIONS: ECA, MENA, AND SSA BOND MARKETS ........................................................................................ 7 The EM Bond Market in Target Regions ..................................................................................7 Real Sector Bond Market ............................................................................................................... 9 Green and Sustainability Bond Market ................................................................................... 12 SECTION 5: TARGET COUNTRIES: TAF COUNTRY SELECTION ............... 13 SECTION 6: CONCLUSION ................................................................18 ANNEX .......................................................................................... 20 Annex 1: Data Sources and Methodology ............................................................................20 Annex 2: Definitions .......................................................................................................................20 Annex 3: The Scope of Target Region Bond Market in ECA, MENA, and SSA ................................................................................................................................................ 22 Annex 4: All Criteria for Target Country Selection ...........................................................24 Annex 5: List of Identified Real Sector Corporate Issuers in Target EM Regions ........................................................................................................................................ 28 vi Corporate Sustainable Bonds in Emerging Markets: An Analysis of Status and Potential Figures Figure 2.1: Global and EM Bond Market Outstanding Value ........................................................................... 3 Figure 3.1: Global and EM Green and Sustainability Bond Market Development .................................. 5 Figure 3.2: EM Sustainability Bond Market Cumulative Issuance (2016-2019) ........................................6 Figure 4.1: Target Region Bond Market Size ...........................................................................................................8 Figure 4.2: Target Region (ECA, MENA, and SSA) Bond Market Characteristics ....................................9 Figure 4.3: Real Sector Corporate Bond Issuance in Target Regions (ECA, MENA, and SSA) ........10 Figure 4.4: Target Region (ECA, MENA, and SSA) Real Sector Bond Market Characteristics ......... 11 Figure 4.5: Target Region (ECA, MENA, and SSA) Green and Sustainability Bond Market ...............12 Figure 5.1: Target Countries and Criteria for Financial Market Development ....................................... 14 Figure 5.2: Market-Oriented Criteria for Selecting Target EM Countries .................................................15 Figure 5.3: Real Sector Cumulative Bond Issuance between 2015 and 2019 ...........................................17 Abbreviations and Acronyms Abbreviations and Acronyms BIS Bank for International Settlements CEMBI JP Morgan Emerging Market Corporate Bond Index DM Developed market EM Emerging market HGAM HSBC Global Asset Management IFC International Finance Corporation IMF International Monetary Fund REGIO Real Economy Green Investment Opportunity Fund SDGs Sustainable Development Goals TAF Technical Assistance Facility WBG World Bank Group WBG and IFC Regions EAP East Asia and Pacific ECA Europe and Central Asia LAC Latin America and the Caribbean MENA Middle East and North Africa SA South Asia SSA Sub-Saharan Africa vii Key Takeaways → Emerging market green bond issuance reached $52.2 billion in annual issuance volume in 2019; and between 2015 and 2019, on average more than 70 percent of annual issuance volume came from the corporate sector. → The emerging market sustainability bond market remains nascent, with a cumulative issuance of $7.7 billion between 2016 and 2019. However, it continues to grow and expand in terms of issuing country, currency, and issuer type. → The fast-paced growth of the emerging market green bond market has remained uneven across different regions, with the East Asia Pacific – dominated by China – and Latin America and the Caribbean regions leading the way. In addition, government and financial institutions in developing countries have led the way in issuing green bonds, whereas
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