Santander Corporate & Investment | December issuance barely reached €2.6 Bn but closed the year with 2021 issuance growing 74% YoY to €394 Bn. Green emissions in 2021 doubled compared to 2020 (€203 Bn vs €97 Bn in 2020) and dominated the European ESG primary, with a 52% share.
Last week the Spanish Treasury made its debut in green debt issuance. However, the autonomous communities are ahead of the pack. As told in an analyis of Scope Ratings, sovereign lending became the primary funding source for Spanish regions as the euro area debt crisis hampered access to capital markets. Madrid, the Basque Country and Andalusia have come to market this year, raising so far an aggregate 3.5 Bn euros in ESG-linked bond.