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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

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Featured Pathways

More pathways

Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Book a demo

Pricing

Ready to get started?

Plans & Membership

Our Platform

Expert led content

+1,000 expert presented, on-demand video modules

Learning analytics

Keep track of learning progress with our comprehensive data

Interactive learning

Engage with our video hotspots and knowledge check-ins

Testing & certification

Gain CPD / CPE credits and professional certification

Managed learning

Build, scale and manage your organisation’s learning

Integrations

Connect Finance Unlocked to your current platform

Featured Content

More featured content

Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

More featured content

Book a demo

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Why Issue ESG-labelled Bonds?

Why Issue ESG-labelled Bonds?

Angel Beltran

10 years: Sustainability Bonds

In this video, Angel Beltran covers the increasing take-up of ESG-labelled debt in capital markets. He also compares these with conventional bonds and then covers the different types of ESG-labelled bonds and their requirements.

In this video, Angel Beltran covers the increasing take-up of ESG-labelled debt in capital markets. He also compares these with conventional bonds and then covers the different types of ESG-labelled bonds and their requirements.

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Why Issue ESG-labelled Bonds?

6 mins 55 secs

Key learning objectives:

  • Outline the increasing growth of ESG-labelled bonds globally

  • Understand the considerations that issuers make regarding ESG-labelled bonds as opposed to conventional bonds

Overview:

Environmental, social, and governance (ESG)-labelled bonds represent a significant and growing portion of the debt capital markets. It is important to compare them with conventional bonds and understand why issuers and investors are both adopting these instruments.

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Summary

How has the issuance of ESG-labelled bonds increased in the recent years?

EUR and GBP denominated ESG-labelled bonds in 2021 and 2022 make up about 30% of total issuances. With regards to the type of instrument, the majority are green bonds, which account for 58% of ESG issuances. Sustainability and social bonds make up 19% and 17% of ESG issuances, respectively, while sustainability-linked bonds, the newest format launched in 2019, only make up 6%. Europe is the leading region for ESG issuances, accounting for almost 50% of all ESG paper, followed by Asia Pacific with 20% and supranationals with 17%. 

What are the factors that make conventional bonds still the preferred structure when raising debt?

Conventional bonds are still the preferred option for many issuers due to their proven investor base and greater flexibility. They are less affected by potential price increases, covenant defaults and penalties. Conventional bonds also suffer less reputational  risks with regards to greenwashing.

What are some factors that make issuers opt for ESG-labelled bonds?

Despite the advantages of non-ESG bonds mentioned above - they lack many benefits that come with ESG bonds. ESG bonds offer a number of additional benefits. These include the ability to capitalise on growing demand from investors who are increasingly interested in tracking ESG metrics, the opportunity to demonstrate commitment to sustainability and social responsibility, and the potential to access lower-cost financing. However, issuers of ESG bonds must be prepared to meet certain requirements, such as transparent communication of their ESG strategy and risk management policies, specific use of proceeds and annual monitoring and reporting, and the possibility of increased pricing, penalties, or covenant default for not meeting impact targets.

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Angel Beltran

Angel Beltran

Angel Beltran is the Head of ESG DCM Solutions at Santander CIB. He leads a team of experts that look at structuring and marketing ESG bonds for issuers in various jurisdictions, primarily Europe and the Americas. He has over 15 years of experience in banking, including being responsible for bond issuances, both local and off-shore.

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