CROSS-SECTOR

SECTOR IN-DEPTH20 April 2017

TABLE OF CONTENTS

Summary 1First Quarter Issuance 2Use of Proceeds 4Green Bond Credit Ratings 5Green Bond Performance 6Green Bond Market Continues toEvolve

6

Appendix: Green Bonds Issued in Q12017

10

Contacts

Henry Shilling 212-553-1948SVP-Env Social &Governancehenry.shilling@moodys.com

Simone Andrews 212-553-1127Associate Analystsimone.andrews@moodys.com

Matthew Kuchtyak 212-553-6930Associate Analystmatthew.kuchtyak@moodys.com

Rahul Ghosh 44-20-7772-1059VP-Sr Credit Officerrahul.ghosh@moodys.com

Jim Hempstead 212-553-4318MD-Utilitiesjames.hempstead@moodys.com

Green Bonds - Global

France's Sovereign Offering Propels StrongFirst-Quarter 2017 IssuancePoised to achieve another record year, green bond issuance had a strong first quarter asvolume reached $29.5 billion, an increase of 75% over the corresponding period in 2016. Thequarter was bolstered by France's (Aa2 stable) issuance of the largest ever, €7 billion ($7.5billion) green bond in January, hinting at additional sovereign issuers this year. Issuance wasalso bolstered by transactions originating in seven more countries than the first quarter of2016, as well as new security structures.

» First-quarter issuance propelled by France's sovereign bond signals anotherrecord year. The $29.5 billion in first-quarter issuance marked the second largestquarterly volume to date. The French issuance came after Poland (A2 negative) becamethe first sovereign issuer late last year.

» Average transaction size increased, while the number of transactions dropped.Average size rose 18% to $360 million compared to the final quarter of 2016, buttransactions fell to 82 from 99.

» Chinese issuance dropped significantly in the first quarter. The quarter saw a 67%drop in volume by Chinese issuers to $2.6 billion, compared to the same period in 2016.

» Corporate issuers kept pace with last year's volume, while banks trailed off.Corporate issuers accounted for 28% of global issuance in the first quarter, but financialinstitutions saw their share drop due to the lower issuance by Chinese banks.

» Renewable energy and energy efficiency projects dominated in the first quarter.While the project types accounted for 42% of total dollar issuance, their share declinedfrom 51% for all of 2016.

» While investment-grade issuers remain dominant in the green bond market, adecline in Aaa-rated issuers continues. Investment-grade issuers comprised close to100% of issuers, but the percentage of Aaa-rated ones dropped to 14% from the 25%share for all of 2016.

» Green bonds slightly outperformed global bonds, based on total returns. Greenbonds posted a 0.4% return, compared to a 0.3% total return for the global bond marketin the first quarter.

» The green bond market will continue to evolve. The number of sovereign issuerswill likely increase, momentum from the Paris Agreement will expand the market'sgeographic reach and new security structures will continue to emerge.

MOODY'S INVESTORS SERVICE CROSS-SECTOR

Strong first-quarter issuance propelled by France's sovereign bondGreen bond issuance remained healthy in the first quarter of 2017, reaching $29.5 billion, up 75% from the first quarter of 2016 (seeExhibit 1). Volume in the first quarter was the second largest ever for a quarter, trailing only the $30.2 billion in the fourth quarter of2016.

Exhibit 1

First-Quarter 2017 Issuance Outpaces Same Period in 2015 and 2016

$1.70 $1.78$2.85

$6.87

$3.51

$6.53

$12.41

$7.35

$9.79

$0

$2

$4

$6

$8

$10

$12

$14

January February March

Mo

nth

ly V

olu

me

(U

SD

bill

ion

s)

2015 2016 Q1 2017

Sources: Moody's Investors Service; Climate Bonds Initiative; Environmental Finance; Dealogic; Bloomberg; MSRB Electronic Municipal Market Access; various issuer websites; OANDA currencyconverter

Volume for the first three months of 2017 peaked in January, propelled by France’s €7 billion sovereign issuance, which marked thelargest green bond ever. If the current trend continues, green bond issuance will total nearly $120 billion for the year and eclipse therecord of $93.4 billion in 2016. This rate of growth, however, is lower than the increase of 120% from 2015 to 2016 that would pushvolume to $206 billion.

France's green bond was the second sovereign issuance ever, coming after Poland took to the market in the closing days of 2016.France's $7.5 billion issuance was even more crucial to the volume growth in the first quarter as issuance by China-based entitiesdeclined dramatically, falling to $2.6 billion from $7.9 billion in the 2016 first quarter.

Also trending lower in the first quarter was issuance by development banks, which accounted for a mere 6% of volume. That comparesto about 12% issued in 2016 and also accounts for the decline in Aaa-rated issuances in the first quarter, which continued a trend.

Average transaction size increases, while the number of transactions declinesThe first quarter saw 60 distinct issuers come to market with 82 transactions, a decrease from the fourth quarter of 2016 when 76issuers brought 99 transactions to market. Although the number of issuers and transactions declined, the average transaction sizeincreased significantly to $360 million from $305 million in the prior quarter, thereby adding further liquidity to the market (see Exhibit2).

Exhibit 2

Average Transaction Size Increases, While Number of Transactions Declines

$0

$50

$100

$150

$200

$250

$300

$350

$400

0

20

40

60

80

100

120

Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017

Ave

rag

e T

ran

sa

ctio

n S

ize

(U

SD

millio

ns)

Nu

mb

er

of T

ran

sa

ctio

ns

Average Transaction Size (USD millions, right axis) Number of Transactions (left axis)

Sources: Moody's Investors Service; Climate Bonds Initiative; Environmental Finance; Dealogic; Bloomberg; MSRB Electronic Municipal Market Access; various issuer websites; OANDA currencyconverter

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page onwww.moodys.com for the most updated credit rating action information and rating history.

2 20 April 2017 Green Bonds - Global: France's Sovereign Offering Propels Strong First-Quarter 2017 Issuance

MOODY'S INVESTORS SERVICE CROSS-SECTOR

Outside of France's largest-ever green bond, other large issuances in the quarter included $1.7 billion from EIB (Aaa stable) across fivetranches, $1.7 billion from Iberdrola (Baa1 positive) across three tranches, $1.6 billion from Engie (A2 stable) across two tranches, $1.3billion from Enel (Baa2 stable) and $1.1 billion from SNCF Reseau (Aa2 stable). Transaction size ranged from a high of France's $7.5billion green bond to a $1 million tranche issued by Credit Agricole CIB (A1 stable).

Chinese issuance dropped significantly in the first quarterFrench issuers dominated green bond issuance for the first time in Q1 2017, accounting for a leading $11.8 billion, or 40% of totalglobal volume (see Exhibit 3). France's leading share came as issuance by Chinese entities fell 67% to $2.6 billion compared to Q12016. The dive drove the share of Chinese issuance down to 8.9% of total quarter volume from 35% for all of 2016.

The French surge was attributable to the issuance by the French government of a $7.5 billion green Obligations Assimilables du Trésor(OAT) in January with the intent of investing the proceeds in six sectors and a variety of environmental projects. Outside the Frenchsovereign bond, seven other French issuers accounted for $4.3 billion of green bond volume across 11 transactions.

Other geographies accounting for at least 5% of total first-quarter volume included the United States ($3.5 billion), China ($2.6billion), supranational issuers ($1.8 billion), Spain ($1.7 billion) and Australia ($1.7 billion).

Exhibit 3

French Issuers Dominate in the First Quarter

40.0%

11.7%8.9%

6.0% 5.8% 5.7%

21.9%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

France United States China Supranational Spain Australia All Others

Pe

rce

nt o

f Q

1 Issu

an

ce

Sources: Moody's Investors Service; Climate Bonds Initiative; Environmental Finance; Dealogic; Bloomberg; MSRB Electronic Municipal Market Access; various issuer websites; OANDA currencyconverter

Corporate issuers keep pace with 2016 volume while banks trail offCorporate issuers led the way in the first quarter with $8.2 billion, or 28%, of total issuance, up slightly from 26% for the full year 2016(see Exhibit 4). The $7.5 billion sovereign green bond from France propelled sovereign issuers into second at 25% of total quarterlyvolume.

Financial institutions dropped significantly in the first quarter with $5.4 billion of volume accounting for 18% of total quarterly volume,down from 44% for all of 2016. The drop in financial institution issuance is primarily due to the significantly lower level of green bondissuance from Chinese banks. On the flip side, municipal issuers accounted for $5.1 billion of issuance in the first quarter, or 17%, upslightly from 15% for 2016.

Exhibit 4

Corporate Issuers Lead the Way in the First Quarter27.6%

25.3%

18.1% 17.1%

6.0% 5.8%

0%

5%

10%

15%

20%

25%

30%

Corporates Sovereign Financial Institutions Municipal Supranationals Structured Finance

Pe

rce

nt o

f Q

1 Issu

an

ce

Note: The sector categories have been renamed to more precisely track green bonds. Moving forward, we have relabeled private utilities from Public, Project and Infrastructure (PPIF) toCorporates and renamed PPIF as Municipal. Asset Back Securities are renamed as Structured Finance and Development Banks as Supranationals.Sources: Moody's Investors Service; Climate Bonds Initiative; Environmental Finance; Dealogic; Bloomberg; MSRB Electronic Municipal Market Access; various issuer websites; OANDA currencyconverter

3 20 April 2017 Green Bonds - Global: France's Sovereign Offering Propels Strong First-Quarter 2017 Issuance

MOODY'S INVESTORS SERVICE CROSS-SECTOR

While still a small slice, high-profile green bond structured deals accounted for a notable portion of issuance in the first quarter of 2017.Structured financial transactions from Federal National Mortgage Association (Aaa stable), TenneT Holding B.V. (A3 stable), Flexigroup,MidAmerican Energy (A1), Solar Mosaic and Hannon Armstrong signal a continued diversification in green bond offerings for investors.

Renewable energy and energy efficiency projects dominated in the first quarterRenewable energy and energy efficiency continue to comprise the bulk of project types, with the two accounting for 42% of total greenbond dollar volume in the first quarter (see Exhibit 5). Though renewable energy and energy efficiency continue to lead, their share oftotal volume was down from 51% for all of 2016 and historically two-thirds of issuance, indicating a continued diversification of projecttypes.

Similar to the full year 2016, clean transportation projects were the third most popular category and accounted for 14% of first-quartervolume, down slightly from 18% for all of 2016.

Exhibit 5

Renewable Energy and Energy Efficiency Remain Projects of Choice

Renewable Energy21%

Energy Efficiency21%

Pollution prevention and control10%

Sustainable management of living natural resources11%

Terrestrial and aquatic bio diversity9%

Clean Transportation14%

Sustainable water management4%

Climate change adaptation3%

Eco-efficient products7%

Note: Our use of proceeds categories have been updated to align with the new categories under the updated Green Bond Principles. Projects qualifying under more than one eligible projectcategory are accounted for in each of the respective project categories.Sources: Moody's Investors Service; Climate Bonds Initiative; Environmental Finance; Dealogic; Bloomberg; MSRB Electronic Municipal Market Access; various issuer websites; OANDA currencyconverter

Investment-grade issuers remain dominant, despite shift away from Aaa issuersInvestment-grade green bond issuance remained paramount in the first quarter, with 95% of Moody's-rated issuers falling into theinvestment-grade category, similar to nearly 98% of issuers for all of 2016 (see Exhibit 6). Among investment-grade issuance, 56% ofissuers were Aa-rated, compared to 17% for all of 2016. Additionally, there was a shift away from Aaa issuance, which represented 14%of issuance in first quarter of 2017, compared to nearly one-quarter of issuers in 2016.

Exhibit 6

Investment Grade Issuers Remain Dominant

14.0%

55.5%

12.0% 13.5%

5.0%

0%

10%

20%

30%

40%

50%

60%

Aaa Aa A Baa Speculative Grade

Pe

rce

nt o

f Q

1 Issu

an

ce

Moody's Rating

Percentages cover Moody's ratings at time of issuance. Speculative grade represents all Moody's-rated, speculative-grade green bonds.Sources: Moody's Investors Service; Climate Bonds Initiative; Environmental Finance; Dealogic; Bloomberg; MSRB Electronic Municipal Market Access; various issuer websites; OANDA currencyconverter

Though still a small percentage of total green bonds, speculative-grade issuers accounted for 5% of issuance in the first quarter, upfrom 2.1% of issuers in the fourth quarter of 2016 and 1.4% for the full year 2016. Speculative-grade issuers were all corporates andincluded Brazil's Fibria Overseas Finance Limited (Ba1 stable), the US's Pattern Energy Group Inc. (Ba3 stable) and France's PaprecHolding (B1 stable).

4 20 April 2017 Green Bonds - Global: France's Sovereign Offering Propels Strong First-Quarter 2017 Issuance

MOODY'S INVESTORS SERVICE CROSS-SECTOR

Likelihood of external review greater outside the USIn the first quarter, 54 transactions, or 66% of issues, relied on at least one external review in the form of a consultant review,verification, certification or rating, including Moody's Green Bond Assessments (GBAs). The 66% was down slightly from 72% oftransactions in the fourth quarter of 2016. On a dollar basis, $23.9 billion, or approximately 81% of issues, were subject to externalreviews, up from 72% in the fourth quarter.

External review practices continue to vary dramatically between the US and the rest of the world, with 44% of US-based transactionsreceiving an external review compared to 72% outside the US (see Exhibit 7). Further, only 31% of transactions on a dollar-value basisin the US included at least one external review, compared to 88% for the rest of the world.

Green bonds slightly outperform global bonds on a total return basisBoth green bonds and global investment-grade bonds registered stronger returns in the first quarter and over the past year. Greenbonds, however, slightly outperformed global bonds for the third straight quarter with a 0.4% total return compared to the 0.3%return for the broader market. Over the past year, green bond performance slightly exceeded the broad market, with green bondsregistering a 0.7% total rate of return compared to 0.4% for global investment-grade bonds (see Exhibit 7).

Exhibit 7

Green Bonds Slightly Outperform Global Bonds

97

98

99

100

101

102

103

104

3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 2/28/2017 3/31/2017

Ind

ex:

3/3

1/2

01

6 =

10

0

Green Bonds Global Bonds

Both indices recalibrated 31 March 2016=100, with local currency used for indexing purposes to limit the effects of currency conversion rates on bond returns.Source: BofA Merrill Lynch Green Bond Index (Ticker = GREN) and BofA Merrill Lynch Global Broad Market Index (Ticker = GBMI)

Green bond market will continue to evolve in 2017Shift away from Aaa ratings continuesA shift in the issuance of green bonds away from Aaa-rated issuers, which began last year, continued to play out during the first quarterof 2017 and will likely gain further traction. More green bonds will be issued by high- to medium-quality investment-grade credits inthe Aa, A and Baa categories, with speculative-grade credits potentially expanding as well.

In 2016, Aaa-rated issues declined to 25% of total dollar volume from 43.4% (see Exhibit 8)1. While there was some pick up in Aa- andA-rated green bonds, much of the shift moved in the direction of Baa-rated issues. This segment jumped to 31% in 2016 from 11% in2015.

Exhibit 8

Aaa-Rated Green Bonds DeclinePercentage of Total Dollar Volume

0%

10%

20%

30%

40%

50%

60%

Aaa Aa A Baa Speculative Grade

2015 2016 Q1 2017

Based on Moody's-rated transactionsSource: Moody's Investors Service

5 20 April 2017 Green Bonds - Global: France's Sovereign Offering Propels Strong First-Quarter 2017 Issuance

MOODY'S INVESTORS SERVICE CROSS-SECTOR

In the first quarter of 2017, Aaa-rated green bond securities dropped to 14%. Issuances in the A and Baa rating categories alsodeclined, while Aa-rated issues increased significantly driven by large issuances from four Aa2-rated institutions, including the FederalGovernment of France, which brought the largest-ever green bond to market.

With a heavy concentration of development banks issuing green bonds, ratings were dominated by the Aaa category as recently as2015. But development banks are accounting for a lower percentage of the market, dropping from as much as 27% in 2015 to about12% in 2016 and a mere 6% in the first quarter of 2017.

While speculative-grade issuers declined substantially in 2016 to account for only 1% of issuance, the segment accounted for 5% in thefirst quarter of 2017. That said, the growth of green bonds in 2017 and beyond which is also expected to be accompanied by increasesin corporate volumes is likely to bring about a more normalized ratings distribution across green bonds. Based on Moody’s-rated issuersat the end of 2016, corporate bonds were concentrated in the A, Baa and speculative-grade segments with about 18% of bonds in A-rated categories, 21% in Baa-rated categories and 37% in speculative grade.

The move away from Aaa-rated issues is likely to be received positively by green and, more broadly speaking, sustainable bondinvestors, especially the contingent of recently launched green bond funds in the US and Europe. These funds, which include therecently launched Mirova Green Bond Fund and a series of target-date funds that includes the Green Bond Fund as well as the VanEck Vectors Green Bond Fund ETF, are pursuing strategies that permit purchases of green bonds issued by supranational, corporate,government-related, sovereign and securitized entities, which may include both investment-grade and speculative-grade ratedsecurities. The shift should bolster portfolio yields.

Sovereign green bonds will continue to gain momentumFollowing Poland issuing the first-ever sovereign green bond at the end of 2016, France came to market on 24 January and issued a$7.5 billion sovereign green OAT. The French government issued the bond looking to invest the proceeds in six sectors and a variety ofenvironmental projects under the “Invest for the Future” program to fight climate change, adapt to climate change, protect biodiversityand fight pollution. The OAT is the largest green bond ever issued and reflects France’s leading role in advocating for climate action toprevent global warming by reducing carbon emissions.

France hosted the United Nations-led 21st Framework Convention on Climate Change (UNFCCC or COP21) in December 2015. ForeignMinister Laurent Fabius served as President of COP 21 and is credited with playing an important role in bringing the negotiationsinvolving 196 signatories to a successful conclusion with the Paris Agreement finalized in December 2015. In June 2016, Francebecame the first of the Group of Seven advanced economies and the second European country to ratify the agreement. The Frenchgovernment’s green bond issuance continues its role in leading efforts against climate change. The issuance will likely encourage othersovereigns and local issuers to issue green bonds and help the market reach critical mass.

Poland unexpectedly but successfully launched and closed on the world’s first sovereign green bond in the closing days of 2016. Thefive-year, euro-denominated bond in the amount of €750 million (PLN 3.3 billion) yields 0.634% with an annual coupon level of 0.5%.The bond’s proceeds will fund new projects or the refinancing of projects with environmental and societal benefits in alignment withthe Green Bond Principles. The issuance signifies the government's commitment to increasing its use of clean, low-carbon energysources. This milestone bond issuance supports the diversification of Poland's energy mix, improves the transparency and accountabilityof government-financed green projects and leads to some further diversification of the government's investor base.

Poland’s finance ministry is reported to be contemplating additional issuances, perhaps on an annual basis. Other governments havealso announced potential green bond offerings or are reported to be considering issuances, including Bangladesh, China, Luxembourg,Morocco, Nigeria and Sweden. More recently, Canada, Japan and Kenya have been added to this roster.

First green bonds from Argentina and Middle East reflect Paris Agreement momentumLandmark green bonds out of Argentina and Abu Dhabi in the first quarter underscore our view that momentum from the Paris climateagreement will encourage issuers from new geographies to come to market.

Argentina’s La Rioja Province (unrated) issued a $200 million green bond in mid-February, marking not only the province’s debut in theinternational debt capital markets, but also the country’s inaugural green bond. The issue will be used to finance the expansion of the

6 20 April 2017 Green Bonds - Global: France's Sovereign Offering Propels Strong First-Quarter 2017 Issuance

MOODY'S INVESTORS SERVICE CROSS-SECTOR

Parque Eólico Arauco S.A.P.E.M. wind farm, increasing its generation capacity to 300 megawatts (MW) from 50MW. According to theprovincial government, the offering has a term of eight years at a fixed rate of 9.75% per annum in US dollars.

The Arauco wind farm secured a long-term power-purchase agreement as part of the central government’s ‘RenovAr’ RenewableEnergy plan. Launched in 2016, the RenovAr plan will focus on developing Argentina’s clean energy generation capacity, in line with thecountry’s Paris Agreement commitment to reduce greenhouse gas (GHG) emissions by 15% in 2030 from 2005 levels. According tothe Ministry of Energy and Mining, the RenovAr plan includes 1GW on new renewable projects, including 600MW in wind power and300MW in solar. The longer-term target is for renewable sources to contribute 25% of Argentina’s energy needs by 2025.

Meanwhile, the National Bank of Abu Dhabi PJSC (NBAD, Aa3 negative) issued the first green bond out of the Middle East in lateMarch, raising $587 million for projects in renewable energy, energy efficiency, green transport and wastewater treatment. The bond,which has a maturity of five years, was drafted in accordance with the Green Bond Principles and listed on the London Stock Exchange.

Alongside the UAE Ministry of Climate Change and Environment, NBAD was one of the original signatories to the Dubai Declarationon sustainable finance in October 2016, which requires the financial sector to enable a climate-resilient, inclusive green economy. Assuch, the NBAD transaction may provide encouragement for other issuers in the UAE – and Middle East, more generally – to considerissuing green bonds or green sukuk in the coming years. As part of its Paris Agreement commitments, the UAE government has a targetof increasing the contribution of clean energy to 24% of the total energy mix by 2021, from just 0.2% in 2014. The government isalso looking to undertake initiatives in the areas of green building regulations, building efficiency standards, transport infrastructuredevelopments, and waste treatment.

First hybrid bond issued as green securitizations blossomThe first quarter of 2017 saw a number of high-profile green bond structures, including the first-ever green hybrid bond and Australia’ssecond green asset-backed security (ABS). The developments are indicative of a rapidly evolving green bond market, where more newinstruments and structures are almost certain in 2017.

TenneT Holding B.V. (A3 stable) launched the first-ever green hybrid bond in late March, raising €1 billion with a coupon of 2.995% anda non-call period of seven years.2 The rating on the hybrid bond is Baa3, three notches below the company’s senior unsecured rating ofA3, reflecting both the features of the hybrid (the instruments are perpetual, deeply subordinated and TenneT can opt to defer couponson a cumulative basis) and TenneT’s 100% ownership by the Dutch government. The hybrid has equity-like features that allows itto receive basket “C” treatment (i.e., 50% equity or “hybrid equity credit” and 50% debt for financial leverage purposes) as per ourexisting methodology.

The company plans to use the proceeds of the bond to finance high-voltage grid connections to offshore wind farms. Moreover,given ambitious plans to further expand its green investments portfolio, TenneT is likely to remain committed to green financing. Thecompany expects investments in offshore wind energy projects across the Netherlands and Germany to total €9 billion-€11 billion overthe next 10 years. Leading up to 2019, TenneT looks to realize over 7,000 MW of connection capacity for offshore wind farms in theGerman sector of the North Sea. By 2023, TenneT also expects to have realized 3,500 MW of connection capacity in the Dutch sectorof the North Sea.

TenneT is already a leading corporate issuer in Europe’s green bond market, with the hybrid bond representing the company’s fourthpublic green bond transaction. Its medium-term notes, issued in July 2016, received a Green Bond Assessment (GBA) of GB1.

Meanwhile, Australia’s FlexiGroup announced an ABS transaction totaling AUD265 million (US$204 million) in mid-February,including a green tranche of AUD50 million. The deal mirrored FlexiGroup’s ABS transaction in April 2016, which marked the first-ever green securitization. The green tranche is backed with loans for residential rooftop solar power systems, and saw AUD20 millionin investment from the Clean Energy Finance Corporation, an Australian government-backed green bank established to facilitateincreased capital flows into the clean energy sector. The success of FlexiGroup in delivering these transactions will serve as a templatefor an increasing number of green-structured finance products that come to market over the coming quarters. Given that many greenprojects are small scale in nature, green securitization offers improved access and lower cost of capital for issuers and provides anotherproduct for investors with sustainable mandates.

7 20 April 2017 Green Bonds - Global: France's Sovereign Offering Propels Strong First-Quarter 2017 Issuance

MOODY'S INVESTORS SERVICE CROSS-SECTOR

Appendix: Green Bonds Issued in Q1 2017

Issuer Amount Issued(millions)

Currency USD Equivalent($M)

Month

Alpha Trains Finance S.A. 250 EUR 267 Jan-17Credit Agricole CIB 5,346 RUB 89 Jan-17Credit Agricole CIB 3 BRL 1 Jan-17EDF 19,600 JPY 171 Jan-17EDF 6,400 JPY 56 Jan-17EIB 3,000 SEK 339 Jan-17EIB 400 EUR 428 Jan-17EIB 300 EUR 321 Jan-17Enel 1,250 EUR 1,337 Jan-17Fibria 700 USD 700 Jan-17France 7,000 EUR 7,488 Jan-17Hebei Financial Leasing 100 CNY 15 Jan-17New Jersey Environmental Infrastructure Trust 73 USD 73 Jan-17New Jersey Environmental Infrastructure Trust 34 USD 34 Jan-17New York State Housing Finance Agency 54 USD 54 Jan-17NWB Bank 3,000 SEK 339 Jan-17Pattern Energy Group Inc. 350 USD 350 Jan-17Repower 50 EUR 53 Jan-17Strasser Capital 30 EUR 32 Jan-17Yunnan Water 1,800 CNY 262 Jan-17Agricultural Development Bank of China 4,000 CNY 582 Feb-17China Development Bank Corporation 5,000 CNY 727 Feb-17China Huarong Financial Leasing Co 1,000 CNY 145 Feb-17China Huarong Financial Leasing Co 1,000 CNY 145 Feb-17Chongqing Longhu Development Co Ltd 1,600 CNY 233 Feb-17Chongqing Longhu Development Co Ltd 1,440 CNY 210 Feb-17Credit Agricole CIB 445 INR 7 Feb-17District of Columbia Water and Sewer Authority 100 USD 100 Feb-17Fabege AB 300 SEK 33 Feb-17Fannie Mae 537 USD 537 Feb-17Fannie Mae 75 USD 75 Feb-17FlexiGroup 50 AUD 38 Feb-17Iberdrola 100 EUR 106 Feb-17Iberdrola (BBVA green loan) 500 EUR 529 Feb-17Jain International Trading 200 USD 200 Feb-17KfW 250 GBP 311 Feb-17Metropolitan Transportation Authority 313 USD 313 Feb-17MidAmerican Energy 475 USD 475 Feb-17MidAmerican Energy 375 USD 375 Feb-17Neerg Energy (ReNew Power) 475 USD 475 Feb-17Nordic Investment Bank 6 BRL 2 Feb-17OPIC 10 USD 10 Feb-17Province of La Rioja, Argentina 200 USD 200 Feb-17Province of Ontario 800 CAD 610 Feb-17SEB 500 EUR 529 Feb-17SFF (Fabege) 300 SEK 33 Feb-17SFF (Fabege) 300 SEK 33 Feb-17Solar Mosaic 139 USD 139 Feb-17Vasakronan 490 SEK 54 Feb-17Westpac Bank 5,600 JPY 50 Feb-17Wuhai Bank 500 CNY 73 Feb-17Asian Development Bank 50 USD 50 Mar-17Atrium Ljungberg AB 1,100 SEK 124 Mar-17Atrium Ljungberg AB 300 SEK 34 Mar-17Atrium Ljungberg AB 200 SEK 22 Mar-17Caisse Des Depots et Consignations 500 EUR 537 Mar-17

8 20 April 2017 Green Bonds - Global: France's Sovereign Offering Propels Strong First-Quarter 2017 Issuance

MOODY'S INVESTORS SERVICE CROSS-SECTOR

Issuer Amount Issued(millions)

Currency USD Equivalent($M)

Month

California Infrastructure and Economic Development Bank 450 USD 450 Mar-17Chongqing Longhu Development Co Ltd 1,000 CNY 145 Mar-17Commonwealth Bank of Australia 450 AUD 345 Mar-17Commonwealth Bank of Australia 200 AUD 153 Mar-17CoPower 20 CAD 15 Mar-17Dongjiang Environmental Co Ltd 600 CNY 87 Mar-17EIB 750 SEK 84 Mar-17EIB 500 EUR 537 Mar-17Engie SA 800 EUR 859 Mar-17Engie SA 700 EUR 751 Mar-17Entra ASA 750 NOK 88 Mar-17Gen-I Sonce 14 EUR 15 Mar-17Hannon Armstrong 84 USD 84 Mar-17Iberdrola 1,000 EUR 1,074 Mar-17Martha's Vineyard Land Bank 20 USD 20 Mar-17Metropolitan Transportation Authority 189 USD 189 Mar-17Metropolitan Transportation Authority 137 USD 137 Mar-17National Australia Bank Limited 500 EUR 537 Mar-17National Bank of Abu Dhabi 587 USD 587 Mar-17New York State Housing Finance Agency 56 USD 56 Mar-17Paprec Holding 225 EUR 242 Mar-17Province of Quebec 500 CAD 375 Mar-17Queensland Treasury Corporation 750 AUD 575 Mar-17Region lle de France 500 EUR 537 Mar-17SNCF Reseau 1,000 EUR 1,074 Mar-17Vermont Municipal Bond Bank 6 USD 6 Mar-17

9 20 April 2017 Green Bonds - Global: France's Sovereign Offering Propels Strong First-Quarter 2017 Issuance

MOODY'S INVESTORS SERVICE CROSS-SECTOR

Moody's Related ResearchMethodology:

» Green Bonds Assessment (GBA), March 30, 2016

Issuer Comment:

» Government of France: Sizeable and Long-Dated Green Bonds Improve Market's Liquidity, January 30, 2017

» Government of Poland: Issuance of World's First Sovereign Green Bond Supports Poland's Energy and Investor DiversificationEfforts, December 22, 2016

Issuer In-Depth:

» District of Columbia Water and Sewer Authority (DC Water): Green Bond Assessment, January 27, 2017

Sector In-Depth:

» Environmental Risks: Shift in US Climate Policy Would Not Stall Global Efforts to Reduce Carbon Emissions, February 16, 2017

» Green Bonds - Global: Record Year for Green Bonds Likely to Be Eclipsed Again in 2017, January 18, 2017

» Environmental Risks - Sovereigns: How Moody’s Assesses the Physical Effects of Climate Change on Sovereign Issuers, November 7,2016

» Regional and Local Governments - EMEA: Sub-sovereign green bond issuance has growth potential, September 21, 2016

» Environmental Risks: Risks and Opportunities: What the Paris Agreement Means for Capital Markets, July 20, 2016

» Cross Sector - Global: Moody's Approach to Assessing the Credit Impacts of Environmental Risks, November 30, 2015

» Environmental Risks: Heat Map Shows Wide Variations in Credit Impact Across Sectors, November 30, 2015

» Environmental, Social and Governance (ESG) Risks - Global: Moody's Approach to Assessing ESG Risks in Ratings and Research,September 8, 2015

Sector Comment:

» US - Utilities and Public Power: US Executive Order on Clean Power Plan Will Slow, But Not Halt, Transition Away From Coal,March 31, 2017

» Green Bonds - Global: Green Bond Principles (GBP) Are Updated and Expanded, August 31, 2016

Endnotes1 Figures cover Moody's-rated issuers

2 The transaction is not included in our first-quarter green bond statistics given that the transaction closed in early April.

10 20 April 2017 Green Bonds - Global: France's Sovereign Offering Propels Strong First-Quarter 2017 Issuance

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11 20 April 2017 Green Bonds - Global: France's Sovereign Offering Propels Strong First-Quarter 2017 Issuance