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How has the profile of issuers changed?

As shown in figure above, the green bond market from January 2014 to April 2015 has benefited from the participation of different kinds of issuers, which is also providing a broader spectrum of risk (and return) in green bond offerings.

From the total of about US$51 billion over the period, US$32.4 billion represented offerings issued below a composite rating of AAA, of which US$15 billion were offerings rated below BBB, denoting bonds with higher yields increasingly offered by corporatios, subnationals, and utilities.

Source: World Bank Treasury analysis based on Bloomberg data.
Note: Totals rounded to nearest US$100,000.
* Composite (average) rating of Fitch, Moody's, and Standard & Poor's credit ratings when available
** "Other" consists of entities that don't fit into the other categories, such as universities, nonprofits, and so on.