TAILIEUCHUNG - The Sterling Bond Markets   and  Low Carbon or Green Bonds -  A report to E3G 

The corporate bond market is less developed than most in emerging East Asia, with private placements dominating. At of GDP, corporate bonds are comparable to levels in the Philippines and Indonesia, where corporate finance is less well-developed, as well as with the People’s Republic of China (PRC) and Viet Nam, where state-ownership remains dominant (Figure 5). That said, corporate bond markets remain small in much of the region with the exception of the Republic of Korea (Korea) and Hong Kong, China. Even in absolute terms India’s corporate bond market is minuscule in relation to its economic size. The role. | The Sterling Bond Markets and Low Carbon or Green Bonds A report to E3G Alex Veys May 2010 1 About the author Alex has over 20 years experience in the bond markets working for brokers as a quantitative analyst for 10 years and for Fidelity Investments as a portfolio manager where he managed all types of bond fund. He also chaired the iBoxx oversite committee for several years. He has a deep knowledge of bonds derivatives investors and borrowers. Alex left Fidelity in 2007 to complete a Masters in Sustainable Energy at Imperial College London. After advising and working with several companies in 2009 he has taken up the role of Chief Investment Officer at Partnership Assurance. 2 1. Executive Summary . The UK Bond market is small compared to global bond markets and biased to longer dated and therefore riskier bonds. . The UK Bond market is valued at about trillion with 700 billion of this made up of UK government gilts. . The insurance and pension industries hold a combined value of 850 billion of bond assets not all in the Sterling bond markets and are clearly dominant buyers. . About half the number of bonds in the Sterling market are issued by UK organizations making up about 75 of its market value. . Two of the biggest obstructions to pension funds investing in climate related investments are their deficits and obscure case law dating from a 1970s mineworkers dispute. . There is only a short history of green or climate related bonds. These were initially focused on complex products scandinavian clients or tax-driven instruments. . Tremendous structural efforts are needed to incentivize pension funds and insurance companies to purchase climate related bonds. . Incentives such as guarantees or insurance from the UK government or a new Green Investment Bank are likely to efficiently leverage public money. . Tax incentives like those offered in the US Municipal bond market 10 of the total US bond market could be successful. This will .

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