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ICMA Training Course: Introduction to Green Bonds

 
Date and Venue

Date: 4-5 April 2019
Time Day 1: 
08.30 - 16.45 - Followed by networking drinks
Time Day 2: 08.30 - 13.00 - Followed by networking lunch

Venue:
International Capital Market Association (ICMA) Limited
23 College Hill
London
EC4R 2RP


Overview

Green, Social and  Sustainability bonds are a means of raising finance for projects with environmental / social benefits. $200bn of Bonds were issued across the three formats in 2018 (source: HSBC). While green bond issuance was the mainstay ($169bn), the main areas of growth were Sustainability Bonds (+87% to $16.8bn) and Social Bonds (+35% to $13.5bn). For green bonds alone, there was issuance in 44 countries by 320 issuers (source: CBI), including no less than 204 new issuers.

Bonds aligned with the Green Bond Principles (GBP), Social Bond Principles and Sustainability Bond Guidelines have become a model for sound, scalable and widely supported practice in sustainable finance. These voluntary guidelines underpin the market by making recommendations for transparency and disclosure to issuers, helping investors to make informed decisions about the bonds' environmental features. 

The GBP are supported by a global community of close to institutions and are used as a reference for best practice in developed and emerging markets. 

Green bond learning for practitioners


This two-day course from ICMA provides a thorough and practically oriented introduction to the essentials of green bonds. Developed and delivered by a combination of leading market practitioners and ICMA’s green bond experts, the material also benefits from input from members of the GBP Executive Committee, comprising the elected representatives of the most significant issuers, investors and underwriters in the green bond market. 

The course introduces underlying market drivers, the evolving regulatory framework and the main features of the green bond product and market based on the GBP. These were brought to life by case studies from a wide range of leading market participants and service providers, representing the main types of actor in this market. It includes essential definitions of what constitutes a green bond issue and a detailed review of how the Green Bond Principles work. It explains practicalities from different perspectives, including those of the issuer, intermediary, investor, service provider and regulator. It spans the preparation and execution of issuance, the central role of external reviews, and the associated reporting, from use of proceeds reports to impact reporting. It introduces the role of intermediaries and explores strategies deployed by prominent investors in green bonds. Concepts are illustrated by examples from leading practitioners, and a wide range of case studies, notably on transactions and external reviews internationally, to help candidates prepare for practical implementation. The case studies offer relevant insights from across geographies and sectors. Importantly there are interactive workshops to cement key learning outcomes from the course participant’s perspective. While focusing on green bonds the course also looks at developments in the social and sustainable bond markets, which have started to flourish, building on the success of green bonds. ICMA & the GBP Executive Committee have led the way with the introduction of the Social Bond Principles and the Sustainability Bond Guidance in 2017. The course introduces underlying market drivers, the evolving regulatory framework and the main features of the green bond product and market based on the GBP. These were brought to life by case studies from a wide range of leading market participants and service providers, representing the main types of actor in this market. It includes essential definitions of what constitutes a green bond issue and a detailed review of how the Green Bond Principles work. It explains practicalities from different perspectives, including those of the issuer, intermediary, investor, service provider and regulator. It spans the preparation and execution of issuance, the central role of external reviews, and the associated reporting, from use of proceeds reports to impact reporting. It introduces the role of intermediaries and explores strategies deployed by prominent investors in green bonds. Concepts are illustrated by examples from leading practitioners, and a wide range of case studies, notably on transactions and external reviews internationally, to help candidates prepare for practical implementation. The case studies offer relevant insights from across geographies and sectors. Importantly there are interactive workshops to cement key learning outcomes from the course participant’s perspective. While focusing on green bonds the course also looks at developments in the social and sustainable bond markets, which have started to flourish, building on the success of green bonds. ICMA & the GBP Executive Committee have led the way with the introduction of the Social Bond Principles and the Sustainability Bond Guidance in 2017. 

After completing the programme, you should understand:

  • Recent trends and potential future developments and opportunities for green bonds 
  • Views from practitioners at ICMA and the GBP Executive Committee and other key players on why the market matters and how it works
  • Foundation skills for taking part in the green bond market - how and why to align with and apply the GBP, including:
    • Benefits of green bonds and developing the positioning in your organisation
    • Decision-makers: Identifying who is relevant
    • Strategy: Alignment with overall corporate / environmental strategy
    • Regulation: The GBP’s importance in regulatory trends 
    • Players: Mapping leading market players 
  • GBP-aligned issuance framework: 4 pillars of green bonds aligned with the GBP 
  • Defining green: Types of environmental project eligible for green bonds
  • Reporting: Recommendations and practice in reporting, including use of proceeds and impact reports, and templates offered by the GBP
  • External reviews and other services: The role and value-added of service providers, notably external reviews foreseen by the GBP and increasingly by regulators.
  • Buy-side considerations: Integrating green bonds in investment strategy and practice 
  • ICMA-GBP Membership & Services: Advantages of joining the GBP community - support and promote your future green bond activities
  • Crucially, you will acquire understanding of the perspectives and roles of the key players in the Green Bond market including –regulators, investors, underwriters, issuers, external reviewers including rating agencies, stock exchanges, data and index providers 

Who should attend?

The programme is intended for:

  • Firms who are looking to issue or invest in bonds linked to environmentally beneficial projects  
  • Market professionals involved in underwriting, research or professional services for green bonds; this includes capital markets lawyers, external reviewers including rating agencies, stock exchanges, data and index providers official sector representatives promoting, supervising or developing policies on sustainable finance
  • Press, academics and other professionals with an interest in sustainable finance and the merits of green bond markets
Delegate Fees

This course is open to all ICMA members, Green Bond Principles Members & Observers and interested financial market participants.

ICMA Member & Green Bond Principles Members & Observers: EUR 1,600 + 20% VAT
Non Member: EUR 2,080 + 20% VAT

Delegate fees are payable, in advance of the course start date, by invoice or credit card (Visa, MasterCard).



Day 1

08.30 Registration
09.00 - 09.15 Course Agenda and Discussion of Participants’ Priorities for the Day
09.15 - 09.35 Product Snapshot
09.35 - 10.10
Drivers & Market evolution
Guest speaker - Citi
10.10 - 10.50 Core Principles – analysis of the 4 Pillars
10.50 - 11.10 Coffee Break
11.10 - 11.40 Introducing External Reviews
11.40 - 12.45
Case Study 1 – Evaluating a Green Bond Framework – External Reviewer perspective
Guest Speaker - ISS oekom
12.45 - 13.45 Lunch
13.45 - 14.05 Social and Sustainability Bonds
14.05 - 15.10
Investor Perspective & Case Study 2
Guest speaker - TBC
15.10 - 15.30 Coffee break
15.30 - 16.00 Governance and Regulation
16.00 - 16.30 Market Participants, Service Providers & Data / Resources - overview
16.30 - 16.45 Q&A
16.45 Close and networking drinks



Day 2
08.30 Registration
09.00 - 09.45 Preparing for market – Decision-Making, Resources, Legal Documentation
09.45 - 10.20 Reporting
10.20 - 10.40
Coffee break
10.40 - 11.40
Case Study 3 – Issuer Experience
Guest speaker - TBC
11.40 - 12.00
Opportunities & Challenges
12.00 - 12.15 ICMA / GBP Resources & Community benefits
12.15 - 12.30
Closing Q&A
12.30 - 13.30 Lunch
13.30 End of course