Monday, November 13, 2017

California Green Muni Bonds Top $5 Billion

More 2017 Issuance Than All Prior Years Combined

2017 is a record year for California green bond issuances by government agencies.  And, the year isn't over yet.  In 2017:

  • More green muni bonds have been issued than all prior years combined. 
  • There have been nearly $3 billion in bonds issued this year, compared to about $2 billion from 2013 through 2016 combined.
  • More and more issuers are entering the marketplace.  The City of Long Beach, Los Angeles Metropolitan Transit Authority and the Fremont Union High School District are among the newest issuers.
  • The state of California, through the Treasurer's Office, IBank, Pollution Control Financing Authority and Health Facilities Financing Authority is the largest green muni bond issuer
State Treasurer John Chiang is looking into ways to expand the green bond market further.  He has partnered with the Milken Institute and Environmental Finance to hold a symposium February 27-28, 2018 at the Milken Institute in Santa Monica. More information on Treasurer Chiang's green bond efforts can be found at Treasurer Chiang Green Bond Symposium.

Below is a summary of all California green muni bond issuances to date. (note:  slight correction to chart made 11/28/2017)

California Green Muni Bond Issuances
IssuerDate*AmountGeneral Purposes
State of California10/7/2014$300,000,000Mass Transit, Clean Water, Energy Efficiency
San Francisco Public Utilities Commission5/20/2015$32,025,000Renewable Energy
City of Los Angeles6/4/2015$188,755,000Wastewater, Digester, Water Purification
East Bay Municipal Utility District6/17/2015$74,335,000Clean Drinking Water, Conservation, Flood Protection, Renewable Energy, Biodiversity
City of Los Angeles6/30/2015$100,835,000Wastewater, Water Purification, Digester
San Diego Unified School District1/5/2016$100,000,000Energy Efficient Buildings, Renewable Energy
IBank4/28/2016$410,735,000Clean Water, Water Pollution Control
San Francisco Public Utilities Commission5/24/2016$240,580,000Clean water, wastewater
San Diego County Water Authority6/23/2016$98,945,000Water Efficiency
Midpeninsula Open Space District9/22/2016$57,410,000Open Space Acquisition, related
Port of Los Angeles10/13/2016$35,205,000Open space, habitat, green building
City of Napa10/20/2016$12,500,000Recycling and materials recovery facility
Los Angeles County Sanitation District11/16/2016$170,265,000Reclaimed water projects, sewage system Improvements
San Francisco Public Utilities Commission12/14/2016$259,350,000Clean water projects (Climate Bond Certified)
IBank3/23/2017$450,000,000Clean Water, Water Pollution Control
California Health Facilities Financing Authority5/3/2017$408,390,000for Kaiser Hospital** System green buildings
City of Los Angeles (Taxable and tax-exempt)5/24/2017$450,150,000Sewage system upgrades
Bay Area Reapid Transit (BART) (taxable and tax-exempt)6/1/2017$384,735,000Rapid Transit (Climate Bond Certified)
California Pollution Control Financing Authority6/14/2017$228,165,000for CalAg manufacturing rice-straw to fiberboard plant
East Bay Municipal Utility District6/22/2017$185,355,000Water quality, recliamed water, environmental enhancements
City of Long Beach6/28/2017$25,985,000Enviornmental improvements at port of Long Beach
Fremont Union High School District7/11/2017$31,170,000Green buildings
Santa Monica Public Financing Authority9/14/2017$68,565,000Green buildings
Los Angeles Metropolitan Transportation Authority10/31/2017$471,395,000Mass Transit (Climate Bond Certified)
San Diego Unified School District11/1/17$59,000,000Green buildings
Trinity Public Utilities District11/1/17$20,835,000Hydroelectric Project (some taxable)
City & County of San Francisco11/9/17$171,405,000TransBay Transit Center (Taxable; Climate Bond Certified)
2014 Subtotal$300,000,000
2015 Subtotal$395,950,000
2016 Subtotal$1,384,990,000
2017 Subtotal to date$2,955,150,000
* Dated per MSRB
** companion taxable non-muni green bond for $575 million also issued)
Total All Issuances$5,036,090,000(prepared/updated by Michael Paparian Nov 28, 2017)