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Dennis Badlyans

Associate Director, Global Research & Design , S&P Dow Jones Indices

Dennis Badlyans is an Associate Director in the Global Research & Design team at S&P Dow Jones Indices. Dennis joined the team in November 2015 primarily focused on fixed income indices in the Americas.
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Mar 12, 2018

Green Bond Issuance Doubled in 2017

Gross issuance of green bonds reached USD 157 billion in 2017, nearly double that of the previous year. Fourth quarter issuance was the fastest quarterly pace on record, adding USD 48 billion, 30% more than seen in each of the previous three quarters. Issuers and issuance types continue to diversify. Asset-backed security (ABS) issuance had…

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Dec 21, 2017

A Look Inside the S&P Green Bond Select Index

In a previous post, “Rising Above the Noise in ESG: Green Bonds,” we argued that green bonds provide a simple way to add an element of environmental investing into core fixed income holdings. In this blog, we take a closer look at the composition of the S&P Green Bond Select Index and show that it…

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Dec 5, 2017

Rising Above the Noise in ESG: Green Bonds

The emergence of ethical and sustainable concerns and the need for environmental investing has come with a wide range of options for fixed income market participants to navigate. One approach has been to rely on evaluation metrics, or ratings that measure the environmental and social impact of companies’ operations. The main challenge of this approach…

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Nov 6, 2017

Green Bond Market: October 2017

In October 2017, nearly USD 10 billion of green bonds were issued, bringing the total to USD 94 billion YTD (see Exhibit 1).  The pace was slower than the record USD 15 billion of issuance seen in September 2017; however, if history repeats itself, November 2017 may give us another record month.  Germany led the…

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Oct 2, 2017

Green Bond Market: September 2017

In the first three quarters of 2017, green bond issuance reached USD 83 billion, nearing the issuance reported by the Climate Bond Initiative for full-year 2016 (see Exhibit 1).  France accounted for 18% (USD 14.8 billion) of the issuance, driven primarily by the USD 7.6 billion sovereign bond issued by the country in January. Commercial…

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Jul 11, 2017

How the Liquidity of S&P 500 Investment-Grade Bonds Compares Against Non-S&P 500 Bonds

Liquidity may be defined as the ability to buy or sell a bond within a reasonable period of time and at a reasonable price.  A simple way to compare two bonds is through the use of Trade Reporting and Compliance Engine (TRACE) daily volume data.  The data represents the daily aggregation of each reported trade…

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Jun 30, 2017

Green Bonds: Addressing Solvency II Benchmarking Requirements

Solvency II is the new region-wide supervisory framework for insurance and reinsurance companies operating in the European Union.  The new regime includes three pillars, calculation of capital reserves, management of risk and governance, and reporting to the national supervisory authority.  Moving to a risk-based approach in calculating solvency capital requirements (SCR) will require reassessment of…

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May 22, 2017

Green Bond Update for May 2017

Green bond Issuance picked up in the first two weeks in May compared with the previous two-week period.  Twenty new green labeled bond offerings were announced, including 11 U.S. municipal offerings with maturity structure (215 unique instruments).  Issuance totaled USD 7.56 billion, of which USD 2.4 billion was in U.S. municipal bonds.  Of note, German…

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May 5, 2017

Monetary Cycles and the Fixed Income Market – How Does the Slope Affect Returns?

In an earlier blog post, we provided a brief survey of recent monetary policy cycles in the U.S., showing that a higher Fed funds rate doesn’t necessarily affect the yield on Treasury bonds in the same way.  Policy rate changes affects short-term bond yields much more directly than longer-term yields (see Exhibit 1).  We argued…

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Apr 3, 2017

Evolution of the Green Bond Market

Over the recent weeks, there has been much debate about the notable increase of issuance in the fledgling green bond market.  Indeed, green bond issuance ramped up significantly in 2016, and the accelerated pace is expected to continue this year.  Total issuance of bonds labeled as green in 2016 amounted to USD 92.9 billion, nearly…

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