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The labelled bond market needs to start helping dirty issuers finance the transition, argues Peter Cripps

Bank of America Merrill Lynch (BAML) has weighed in on the debate about the creation of a new market for transition bonds, suggesting that at least a quarter of the proceeds of bonds bearing this label should be used to finance green assets or projects.

The Environmental Finance Bond Awards 2019 feature several repeat winners alongside many new names, as 13 extra categories were added this year in response to the rapid growth of social and sustainability bonds.

A surge of activity has boosted the green, social and sustainability bond market, with $10.1 billion of issuance in the space of week.

Terna, the operator of the Italian electricity grid, has entered the green bond market for the first time, with a €750 million ($872 million) offering maturing in July 2023.

Bank of America Merrill Lynch (BAML) has regained the title of leading underwriter in the green bond market, helped by a "reawakening" of the US corporate market.

A significant increase in the level of private finance being channelled into forest conservation is required in order to meet the aims of the Paris Agreement, a roundtable organised by Environmental Finance and Finance for Forests heard. Michael Hurley reports

Spanish utility Iberdrola has returned to the market with its tenth green bond. The €750 million deal pays a coupon of 1.25% and matures in October 2026.

DNB Boligkreditt, a subsidiary of Norwegian bank DNB, has raised €1.5 billion ($1.76 billion) from its first green covered bond.

Legal & General Investment Management (LGIM) has named the companies it regards as leaders and laggards on climate change issues, as part of its attempt to remove climate-related risk from its £5 billion ($6.7 billion) Future World funds.