Green and Sustainability-Linked Loan
November 2024
The sustainable loan market demonstrated robust growth in Q1-Q3 2024, reaching EUR 663Bn globally – an increase of 16% compared to the same period in 2023. In Q3 2024 alone, sustainable loan volumes totaled EUR 171Bn, marking an 8% rise from Q3 2023.
Sustainability-linked loans once again dominated the market, accounting for EUR 129Bn or 76% of the total sustainable loan volume. Despite a seasonal dip from Q2 2024, sustainability-linked loans saw a significant year-over-year increase of 42% compared to Q3 2023. In contrast, green loans experienced a sharp decline, with volumes falling by 38% compared to Q3 2023.
Regionally, the Americas led the sustainable loan market in Q3 2024, achieving EUR 71Bn in total volume-a 1.5x increase compared to Q3 2023. EMEA, which had dominated for the past eight quarters, followed closely with EUR 68Bn, though this represented a 19% year-over-year decline. Meanwhile, APAC concluded the quarter with EUR 29Bn, reflecting a significant 30% drop from Q3 2023. The Americas and EMEA together accounted for 81% of the global sustainable loan volume in Q3 2024.
Highlights of 3Q2024
ICMA's new guidelines on Green, Social and Sustainability-linked Bonds Principles
By the end of June '24, ICMA released new materials and further guidelines to support the referred Bond Principles. The new developments would create both a new financing opportunity in the debt capital markets while also aiming to support the integrity of sustainability-linked financing.
BBVA Top Deals – 3Q2024
TOP DEALS
EnBW, Germany
(A-/Baa1/-),
EUR 2bn
sustainability-linked RCF
[BBVA, Global & Sustainability Coordinator]
Grupo Antolín-Irausa,
Spain (unrated)
EUR 185mn
sustainability-linked RCF
[BBVA, Sustainability Coordinator]
WP Carey, US
(BBB+/Baa1)
USD 2bn
sustainability-linked RCF
[BBVA, Co-Sustainability Structuring Agent]
Minera Ares in Peru and Amarello Mineracao in Brazil are part of Hochschild Group (BBB-),
USD 300mn
sustainability-linked loan
[BBVA, Bookrunner & Sustainability Co-Coordinator]
Magnon Green Energy,
Spain
EUR 1.173,5mn
Green Loan
[BBVA, Green Loan Coordinator]
Project Wagon Wheel,
USA
USD 300mn
Green Loan
[BBVA, Green Loan Coordinator]
Project Javelin,
USA
USD 942mn
Green Loan
[BBVA, Green Loan Coordinator]
Project Milano & Guadacano
Spain
EUR 55,8mn
Green Loan
[BBVA, Sole Green Loan Coordinator]
Hotel Four Seasons CDMX
+ Mayakoba, Mexico
USD 480mn
Two Green Loans
[BBVA, Green Loan Coordinator]
Project 2-Pack
(Kelvin & Current), USA
USD 911mn
Green Loan
[BBVA, Green Loan Coordinator]
Sustainable loan volumes per geography
Sustainable loan volumes per type of instrument
Selected Sustainable Loans – 3Q2024
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The information contained herein is information available from public sources. Information on ESG trends is based on BBVA’s understanding of certain current market practices, which may differ among markets and over time and/or may be amended or replaced by legally binding regulations. Notwithstanding the fact that reasonable measures to assure that the information contained herein is not mistaken or misleading, BBVA does not represent or warrant, either express or implicit, its accuracy, integrity or correctness and therefore no party should rely on it. BBVA accepts no liability for any mistake or omission in the information nor any obligation to communicate any changes to this document or to update its contents.Clients should voluntarily and independently assess any information contained herein and are solely responsible for relying on it and for the decision to execute a particular transaction and for complying with recognized markets standards, any applicable laws, regulations and obligations to that effect.
Consequently, neither BBVA nor any of its officers, directors or employees accept any responsibility or obligation nor will have any liability whatsoever for any loss, damage or claim of any kind, arising from or in relation to the information provided by BBVA or any action taken in reliance thereon, in or from any jurisdiction, including but not limited to the present or future consideration of any transaction as sustainable.
This document is property of BBVA. Any denominations, designs, and logos are registered trademarks of BBVA. The information contained herein is provided to you by BBVA on a strictly confidential basis. No part of this document may be copied, conveyed, distributed or furnished to any person or entity without the consent of BBVA. Specifically, no part of this document may be copied, conveyed or distributed into the United States of America or furnished to any person or entity in the United States or any US person. Failure to comply with these restrictions may breach the laws of the US. It is understood that its recipients accept all of the warnings and conditions contained herein in its integrity.
This document has not been drafted according to the rules in place for the independence of investment reports, thus it does not contain objective explanations, nor has it been independently verified.
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This document is provided with an informative purpose, having the information contained herein merely the character of an example. Such information does not constitute an offer to finance or to purchase or sell securities or any specific tax, legal, environmental, social, accounting or regulatory advice or recommendation of whatever form. Clients should independently evaluate the financial, environmental, social, market, legal, regulatory, credit, tax and accounting risks and consequences and should not rely on Banco Bilbao Vizcaya Argentaria, S.A., or any of its Group entities (hereinafter “BBVA”) for this.
The information contained herein is information available from public sources. Information on ESG trends is based on BBVA’s understanding of certain current market practices, which may differ among markets and over time and/or may be amended or replaced by legally binding regulations. Notwithstanding the fact that reasonable measures to assure that the information contained herein is not mistaken or misleading, BBVA does not represent or warrant, either express or implicit, its accuracy, integrity or correctness and therefore no party should rely on it. BBVA accepts no liability for any mistake or omission in the information nor any obligation to communicate any changes to this document or to update its contents.
Clients should voluntarily and independently assess any information contained herein and are solely responsible for relying on it and for the decision to execute a particular transaction and for complying with recognised markets standards, any applicable laws, regulations and obligations to that effect.
Consequently, neither BBVA nor any of its officers, directors or employees accept any responsibility or obligation nor will have any liability whatsoever for any loss, damage or claim of any kind, arising from or in relation to the information provided by BBVA or any action taken in reliance thereon, in or from any jurisdiction, including but not limited to the present or future consideration of any transaction as sustainable.
This document is property of BBVA. Any denominations, designs, and logos are registered trademarks of BBVA. The information contained herein is provided to you by BBVA on a strictly confidential basis. No part of this document may be copied, conveyed, distributed or furnished to any person or entity without the consent of BBVA. Specifically, no part of this document may be copied, conveyed or distributed into the United States of America or furnished to any person or entity in the United States or any US person. Failure to comply with these restrictions may breach the laws of the US. It is understood that its recipients accept all of the warnings and conditions contained herein in its integrity.
This document has not been drafted according to the rules in place for the independence of investment reports, thus it does not contain objective explanations, nor has it been independently verified.