Bloomberg Green bond issuance is holding up better than plain vanilla debt this year, down just 3% compared to a 19% drop for standard bonds, according to Bloomberg data.
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The resilience of green bonds is notable because they did not surpass traditional issues in each of the first six months, a trend that was reversed in July.
Susan Barron, global head of sustainable capital markets at Barclays Plc, said that devoted ESG deals have tended to have a higher level of over-subscription than conventional offerings.
The seven-year green bond offering of utility company SSE was the most subscribed deal in Europe's primary market during the last week of July. The bond, $2.25 billion, was ordered by General Motors Co., which attracted a $7 billion peak order book.
Many buyers have internal guidelines for sustainable investing that may keep demand high.
Eastspring Investments plans to add more sustainable securities as the investible universe continues its healthy expansion, said Portfolio Manager Rong Ren Goh, adding that issuers from Japan, Korea and to some extent China were appealing.
The credit spreads of these issues have not widened significantly, further boosting their status as defensive assets, despite the tightening financial conditions, as the risk environment deteriorated over the last few months.
In the US and Europe, borrowers have postponed both conventional and ESG deals this year due to rising rates and concerns about the economy and geopolitics. The Bloomberg index of green bonds has fallen 18.8% on a total return basis so far this year, outpacing the 13.2% drop in global bonds.
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