China's amount of green corporate bonds underwritten by securities companies doubled in 2019

2020-02-25
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GreenChina

On February 20, the Securities Association of China released specific statistics on the bond underwriting business of securities companies in 2019.


The data show that 42 securities companies, as the lead underwriters of green corporate bonds or managers of securitized products backed by green assets (on Shanghai and Shenzhen exchange markets), have underwritten and issued a total of 59 products valued 98.505 billion yuan, with a nearly 117% year-on-year increase. The top three underwriters are China Securities, CITIC Securities, and Zhongtai Securities.


Besides, in 2019, a total of 9 securities companies have underwritten and issued 13 corporate bonds of innovation and entrepreneurship worth 3.11 billion yuan, with a nearly 30% year-on-year decrease. 67 securities companies participated in local government bonds with a total of winning bid amount of 330.108 billion yuan, a year-on-year increase of 16%.


In 2019, 42 securities companies as the lead underwriters of green corporate bonds or managers of securitized products backed by green assets (on Shanghai and Shenzhen exchange markets), have underwritten and issued 59 products with a value of 98.505 billion yuan, 20 of which are asset-securitized products which are worth 18.928 billion yuan.


Compared with 2018, the number of securities companies, their underwritten and issued products, and the total underwriting amount are all increased significantly in 2019, especially the underwriting amount, which has increased by 117% year-on-year.


According to head of green finance department in Golden Credit Rating, the surge in the size of green bonds underwritten by securities companies in 2019 is due to the continued increase in the issuance number and scale and changes in the varieties of the domestic green bond market.


From the perspective of the total number and scale of domestic green bond market issuances, there are 195 labeled green bonds issued in the domestic market in 2019, with an issuance value of 282.76 billion yuan, an increase of 52.34% in number and 26.86% in scale over the previous year.


The top three underwriters, China Securities, CITIC Securities, and Zhongtai Securities have respectively underwritten and issued an amount of 9.48 billion yuan, 9 billion yuan and 7.375 billion yuan, the total of which accounts for 26% of the whole underwriting issuances.


Besides, Huatai United Securities, Zhongshan Securities and GF Asset Management all have underwritten and issued more than 5 billion yuan of bonds. Other 9 securities companies including Haitong Securities, Pingan Securities and Zhong De Securities, have more than 2 billion yuan’s issuance.


There are 11 securities companies winning bids for local government bonds exceeding 10 billion yuan.


According the data, in 2019, 9 securities companies have underwritten and issued 13 innovative startup bonds, with a total amount of 3.11 billion yuan, a decline of nearly 30%.


Soochow Securities and Zheshang Securities have underwritten respectively 4 and 2 innovative startups. Other 7 securities companies each have underwritten 1. Huatai United Securities’ underwriting amount has reached 1 billion yuan, accounting for 30% of the total. Soochow Securities and Guotai Junan Securities have underwritten an issuance of 640 million yuan and 500 million yuan respectively. The rest securities’ underwriting amount are all below 500 million yuan.


The Securities Association of China also disclosed that in 2019, there are 67 securities companies participating in bidding for local government bonds, winning bids of 330.108 billion yuan. There are 35 regions who have won the bids. The amount of winning bids increased by 16% year-on-year.


Orient Securities and Guotai Junan Securities each won 32 bids. Haitong Securities and CITIC Securities each won 31 bids. Seven other securities firms including Industrial Securities, China Securities, and Huatai Securities won more than 20 bids.


CITIC Securities ranked first with an actual winning bid of 40 billion yuan. Orient Securities followed with 30.241 billion yuan. Nine other securities firms including China Securities and Guotai Junan Securities won bids of more than 10 billion yuan.


Source: National Business Daily


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