SUSTAINABLE FINANCE MARKET UPDATE - Prepared for APLMA New Zealand Katharine Tapley Head of Sustainable Finance - Asia Pacific Loan Market ...
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MAY 2019
SUSTAINABLE FINANCE
MARKET UPDATE
Prepared for APLMA
New Zealand
Katharine Tapley
Head of Sustainable Finance
STATE OF THE MARKET – KEY DRIVERS GLOBAL SETTINGS NATIONAL SETTINGS ANZ DEBT CONFERENCE 2019
SUSTAINABLE FINANCE – PRODUCT TRENDS
USE OF PROCEEDS APPROACH SUSTAINABILITY PERFORMANCE
LINKED APPROACH
GREEN SOCIAL
BONDS BONDS BONDS
SUSTAINABILITY
BONDS
GREEN SOCIAL
SUSTAINABILITY
LOANS LOANS LOANS SUSTAINABILITY
LOANS
2019 – “YEAR OF THE LOAN” PERFORMANCE LINKED
LOANS
ANZ DEBT CONFERENCE 2019 3
SUSTAINABLE DEBT FINANCE ANNUAL ISSUANCE
$ billion
300
Sustainability-linked loans
247
250
Labeled Green loans
196
200
150 Social bonds
112
100
57 Sustainability bonds
40
50
15
[CELLRANGE]
0 Green bonds
2012 2013 2014 2015 2016 2017 2018
Source: BloombergNEF
Note: Labelled green loans - borrower or bank has purposely labelled the loans as green, and taken steps to comply with the Green Loan Principles
ANZ DEBT CONFERENCE 2019 4
GREEN LOAN ISSUANCE & SUSTAINABILITY-LINKED LOAN GROWTH
GREEN LOAN ISSUANCE SUSTAINABILITY-LINKED LOANS
$ billion $ billion
70 40 36.4
63.6
60 35
50 47.3 30
37.5 25
40
+677%
28.0
20
30
23.6
17.1 15
20
11.5
10
10 4.7
5
0
2012 2013 2014 2015 2016 2017 2018 0
2017 2018
Labeled Green Loan Unlabeled Green Loans
Source: BloombergNEF
Note: Labelled green loans - borrower or bank has purposely labelled the loans as green, and taken steps to comply with the Green Loan Principles. Unlabelled green
loans - loans used to finance green activities, but WHICH have not been designated as green by the borrower, and do not therefore comply with four components of the
Principles.
ANZ DEBT CONFERENCE 2019 5
GREEN BOND ISSUANCE BY REGION
$ billion
200
182.1
180 173.6
SNAT
160
140
AMER
120 APAC 24%
103.1 EMEA
100 42%
SSAs
80
AMER 7%
60 51.7
40 37.3 APAC
27%
20 14.7 EMEA
4.2
0
2012 2013 2014 2015 2016 2017 2018
Source: BloombergNEF
Note: SSAs - sovereigns, supranationals and agencies
ANZ DEBT CONFERENCE 2019 6Day Month Year
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Section Transaction Case Studies
03Types of Sustainable Finance Transactions
Green Bond NZD100mn Green Bond (Mar 2019)
• corporate debt provided by investors • finances office and industrial buildings
• specifically funds “green assets” (eg.
renewable energy, green buildings, low NZD 500m Green Bond (Jun 2018)
carbon transport). • Finances low carbon transport infrastructure
Green Loan AUD170mn Green Loan (Jan 2019)
• corporate debt provided by banks • finances ICPF’s portfolio of office buildings
• specifically funds “green assets” (eg. • “green asset” definition same as the Climate Bond
renewable energy, low carbon buildings, Initiative’s Low Carbon Building Criteria
low carbon transport).
Green Borrowing Programme NZD1.8bn Green Borrowing Programme (Aug 2017)
• corporate debt facilitating access to Green • finances Contact’s entire funding needs
Loans and Green Bonds on an on-going • “green asset” definition same as the Climate Bond
basis Initiative’s Geothermal Criteria
Sustainability Bond NZD500 million Sustainability Bond (Apr 2019)
• corporate debt provided by investors • finances new and upgraded social and affordable
• specifically funds “social assets” (eg. housing projects
social affordable housing; access to • “social asset” definition linked to addressing housing
healthcare; food security) access for certain target populations – eg. disabled,
undereducated, unemployed, displaced
Sustainability Linked Loan AUD50m Sustainability Linked Loan (Dec 2018)
• corporate debt provided by banks • finances general corporate needs
• funds general corporate purposes • borrower measured against a third party ESG Rating
• tied to the borrower’s performance • ESG Rating improvements will result in loan pricing
against agreed Environmental, Social improvement
and/or Governance (“ESG”) targetsAUCKLAND COUNCIL NZD200M 5-YR 3.17% GREEN BOND
NZD 200,000,000 TRANSACTION HIGHLIGHTS
Auckland Council (AC) returned to the domestic market in June 2018 with a debut Green Bond issue, the first retail Green
Bond (GB) by a New Zealand borrower.
The 5-year issue was the first NZ$ domestic issue for Auckland Council in almost two years, having more recently chosen
to raise funds in offshore capital markets.
TRANSACTION OVERVIEW
First retail Green Bond by a New Zealand borrower
A return to the domestic market was partly driven by an opportunity to show leadership with a GB offering, in what is no doubt set to
become an increasingly important space within the domestic capital markets landscape.
As GB co-ordinator, ANZ worked closely with Auckland Council to establish their GB Framework and obtain certification for the GB from
Auckland Council the Climate Bonds Initiative and verification from EY.
The GB instruments specifically funded electric trains, providing visibility of the funding purpose and alignment with AC’s decarbonisation
Green Bond objectives.
Secured, Unsubordinated NZ$ Retail Bonds As the first listed GB, significant work and engagement was required with the FMA and NZX.
The transaction had an initial pricing range of 0.47-0.55% to test pricing for an inaugural issue, with the AC 5 year secondary curve
+0.53%. The pricing was narrowed to 0.50-0.53%.
The transaction printed at the maximum volume of $200m. Strong demand saw the final price come in at the lower band of the revised
pricing range at swap +50, 3bp through the secondary market trading level, a very successful outcome for Auckland Council.
Arranger, Green Bond Co-ordinator
The final allocation was to 23 different investors with 50% of the allocation going into institutional investors and 73% of this allocation to
& Sole Lead Manager
‘green investors’ with 11% to investors with specific green mandates (dark green).
This inaugural Green Bond issue is a landmark transaction for both the Auckland Council and the domestic capital markets.For the
purposes of the Green Investors chart below:
18 June 2018 • Dark Green: Investor has purchased the bond in connection with their green/SRI fund and/or mandate
• Light Green: Investor has an established internal ESG framework / positively disposed to green investments, but no known
green/SRI fund and/or mandate
SUMMARY OFFERING TERMS • Grey: Investor has no known internal ESG framework or green fund
Issuer: Auckland Council
DISTRIBUTION STATISTICS
Issuer Ratings: Aa2 (Moody’s)/ AA (S&P)
Fixed Rate, Secured, Unsubordinated Dark Green
Structure: Grey
Bonds 11%
27%
Size: NZD 200mn
Coupon: 3.17% p.a
Margin: 0.50% p.a Green/SRI Insto Investor Bank
Launch Date: 18 June 2018 Investors 50% Category 49%
Settle Date: 27 June 2018
Maturity Date: 27 June 2023
Light Green
Listing: NZDX 62%
Broker
9 1%ADELAIDE AIRPORT LIMITED (“AAL”)
AUD 50 MILLION 7 YEAR SUSTAINABILITY PERFORMANCE LINKED LOAN (“SPLL”)
AUD 50,000,000 DEAL HIGHLIGHTS
The transaction is the first Sustainability Performance Linked Loan (“SPLL”) in Australia, which incentivises the
company to improve its sustainability performance against a set of environmental, social and governance (“ESG”)
criteria.
The SPLL is structured as a 7 year revolving credit facility, with the sustainability performance component based on an
ESG Risk Rating score assessed by consultant, Sustainalytics. AAL will receive a lower margin if it reaches a target
ESG Rating during the SPLL tenor.
TRANSACTION OVERVIEW
Background
AAL operates the Adelaide and Parafield Airports under a 99-year concession. Adelaide Airport is the fifth largest
Adelaide Airport Limited (“AAL”) domestic airport in Australia with over 8 million passengers a year. Parafield Airport is South Australia’s premier general
aviation airport and a major international training airport.
7 year
AAL has established itself as a leader in sustainability in recent years and was ranked #1 airport in the world in the 2017
and 2018 Global Real Estate Sustainability Benchmark. The SPLL will enable AAL to further embed and continuously
Sustainability Performance
Linked Loan improve upon its sustainability initiatives by linking ambitious performance with a lower cost of funding.
First sustainability performance linked loan in Australia
Under the Facility, Adelaide Airport is committed to improving its ESG risk rating across a comprehensive range of ESG
metrics, as assessed by Sustainalytics – a global leader in ESG research and ratings.
AAL will be evaluated across over 100 criteria sitting within broad areas such as human capital, product governance,
Sole Coordinator
business ethics, emissions and waste and community relations.
The metrics are tested on an annual basis. Should the pre-established target be achieved, then the interest margin on the
19 December 2018 Facility will be reduced, establishing an explicit link between finance cost and ESG performance.
Within Australia the “Use of Proceeds” approach has been the primary basis for sustainable financing in both the debt
SUMMARY TERMS capital and loan markets to date. This approach is limited to issuers/borrowers who have sufficient green/social assets on
Borrower: Adelaide Airport Limited their balance sheet, excluding others (such as AAL) with strong sustainability credentials and ambition who will now have
an avenue to demonstrate those credentials and ambition
Margin Linked to sustainability target
Tenor: 7 years ANZ’S VALUE ADD
Size: AUD 50 million The transaction is an example of our purpose - shape a world where people and communities thrive. Through innovating
ANZ’s Role: Sole Coordinator our traditional lending approach, we have brought to life shared values in transitioning to a more sustainable economy in
partnership with a key Institutional customer.
ANZ’s Sustainable Finance team worked closely with both AAL and Sustainalytics to determine/ensure the target ESG
Risk Rating is deliberately ambitious, ensuring that AAL remains committed and accountable to improving its
sustainability performance throughout the SPLL.
10Day Month Year
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Section Overview of ANZ’s approach to Green
04 & Sustainable ActivityANZ HAS AN INTEGRATED APPROACH TO SUSTAINABILITY
ANZ’s purpose is to shape a world where people and communities thrive. We are executing our purpose by using a range of sustainable finance solutions across the bank to
address complex issues that matter to society and are core to our business and strategy, specifically financial wellbeing, environmental sustainability and housing.
ANZ GROUP RETAIL & BUSINESS BANKING INSTITUTIONAL BANKING
Identification and management of our material In May 2018, through the Healthy Homes initiative, GREEN & SUSTAINABILITY BONDS
sustainability risks and opportunities supports the ANZ New Zealand (NZ) committed to provide - ANZ has played a key role in developing the Green
achievement of our business strategy NZ$100mn in interest-free home loans for ANZ NZ Bond markets across Australia, New Zealand and
customers to insulate their homes Asia by arranging Green Bonds for our customers
ANZ’s Board has the highest level of oversight for
ANZ’s Energy Efficient Asset Finance Program is - In 2018, ANZ successfully arranged A$3.6bn
climate change, including goals and targets to support
the result of a partnership with the Clean Energy (equivalent) green and sustainability bonds on
action on climate change
Finance Corporation (“CEFC”) which enables us to behalf of our customers and ANZ
provide discounted finance for our customers
Chaired by ANZ’s CEO, the Ethics and Responsible - Key transactions in 2018 included TCorp Green
purchasing energy efficient assets such as roof-top Bond; Bank Australia Sustainability Bond;
Business Committee is accountable for advancing
solar, LED lighting and Heating, Ventilation & Air
ANZ’s purpose Auckland City Council Green Bond; IFC Kauri
Conditioning (HVAC) upgrades Green Bond
We have committed to fund and facilitate at least Our NZ business has refreshed its Environmental GREEN & SUSTAINABILITY-LINKED LENDING
A$15bn in low carbon and sustainable solutions Loan for farmers so that it can be used for expert
by October 2020 with A$11.5bn already committed - We continue to help the market evolve through
advice to prepare a farm environment plans as well as
as at 30 September 2018 actively developing more diverse instruments,
for farm infrastructure that helps manage risks or has
such as green loans and green borrowing
a positive impact on the environment
This year we renewed our support for Paris and programs to cover bond issuance and bank
issued a revised Climate Change Statement lending
committing us to encourage and support 100 of our - Key transactions closed in 2018 include a Green
largest emitting customers in the energy, transport, Loan for Full Asset Enterprises and ESG Linked
property and food, beverage and agricultural sectors Loans for Olam and Adelaide Airport (the first of
to establish, and where appropriate, strengthen its kind in Australia)
existing low carbon transition plans, by 2021 LEADING INSTITUTIONAL BANK FOR THE
RENEWABLES SECTOR
ANZ has committed to enable social and economic
participation of 1 million people by 2020 through ANZ has established itself as a leader in the provision
our initiatives to support financial wellbeing of financial advisory services and the structuring and
delivery of debt and equity capital for renewable
ANZ Group Treasury has implemented Green and energy projects in Australia
Sustainability Bond programs with A$1.8bn on issue
currently, and intends to target annual issuance with We are a Green Bond Principles member and a
their programs Climate Bonds Initiative partner. We also
participate in the Loan Market Association's Green
Loans Committee
12GROUP APPROACH TO SUSTAINABILITY
Ethics, Environmental Social and • ANZ’s Board has the highest level of oversight for climate change. The Ethics, Environment, Social and Governance
Governance & Ethics and Responsible Committee of the Board meets quarterly and is responsible for reviewing and approving our climate-related objectives and
Business Committees performance, including goals and targets to support action on climate change.
• At an executive level, the Ethics and Responsible Business Committee, Chaired by ANZ’s CEO, provides leadership on our
sustainability risks and opportunities, monitoring progress against our targets, including those related to climate change.
• ANZ has also developed an ethical decision-making framework to bring cohesion to decisions and help us arrive at a
reasonable course of action that aligns with our strategic direction and the fair and balanced deliberation and actions our
customers, employees, shareholders and society expect from us.
AUD15bn Environmental Sustainability • ANZ has committed to fund and facilitate at least A$15bn in low carbon and sustainable solutions by October 2020 with
target A$11.5bn already committed as at 30 September 2018.
ANZ Environmental Footprint • While supporting our customers to achieve sustainable outcomes, we are also taking action to reduce the environmental footprint
of our own operations.
• Our efforts to achieve and maintain our net zero carbon status since 2010 has resulted in ANZ offsetting over two million tonnes
of carbon emissions.
• ANZ has committed to reduce the direct impact of our business activities on the environment. In December 2017, ANZ joined
the Telstra-led Power Purchase Agreement with other leading corporates with supply from the 226MW Murra Warra wind farm.
FSB’s Taskforce on Climate-related • ANZ was the first bank globally to report using the Financial Stability Board’s (FSB) Task Force on Climate-related
Financial Disclosures Financial Disclosures (TCFD) in our 2017 Annual Review.
• This included describing our exposure to carbon-related assets (specifically, our customers in the thermal coal supply chain) and
their resilience to different climate-related scenarios.
• To improve our capacity to use scenario analysis as an input to our strategy, we joined with 15 other banks this year under the
auspices of the United Nations Environnent Programme Finance Initiative (UNEP FI) to develop methods to improve stress
testing of our business lending portfolio for climate-related risk.
Climate Change Statement • ANZ Issued our position on Climate Change in Oct 2015 in support of the transition to a low carbon economy.
• The transition to a net-zero carbon economy require a ‘whole-of-economy’ approach, with all sectors having a role to play. This
year we renewed our support for Paris and issued a revised Climate Change Statement committing us to encourage and
support 100 of our largest emitting customers in the energy, transport, property and food, beverage and agricultural sectors to
establish, and where appropriate, strengthen existing low carbon transition plans, by 2021
Social and Economic Participation • ANZ has committed to enable social and economic participation of 1 million people by 2020 through our initiatives to
support financial wellbeing ( including our financial inclusion and community programs, and our programs to employ under-
represented groups such as Indigenous Australians, people with a disability and refugees) and targeted banking products and
services for small business and retail customers.
Mapping Sustainable Development • To better understand the SDGs and the linkages to our business, ANZ has mapped the relevant SDGs to our public
Goals to our Sustainability Targets sustainability targets.
• One of the key ways that we identify and manage the risks associated with our business lending is through the application of our
Sensitive Sector Policies – consolidated in October 2017 into a new Social and Environmental Risk Policy that combines the
Social and Environmental Risk Policy
principles and standards previously embedded within our six Sensitive sector Policies into one ‘umbrella’ policy.
• This holistic policy incorporates social and environmental considerations into lending decisions for all customer sectors.
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