Second Party Opinion

imug rating offers issuers of green, social and sustainable bonds a credible external verification in shape of a Second Party Opinion (SPO). The verification is carried out according to recognised standards, such as the Green Bond Principles of the ICMA or Green Loan Principles of the LMA/LSTA.


Christina Tyca




The path to sustainable financing

Issuers can use a sustainable financing instrument, such as a green or social bond, to raise debt capital from investors for social or environmental projects. This not only allows them to diversify their investor base, but also gives them access to innovative financing on the bond and promissory note market. Issuers must ensure that the proceeds from the bond issuance are used for the designated projects. To this end, the International Capital Market Association (ICMA) has defined process and transparency requirements within the Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines. An external verification (Second Party Opinion) supports issuers in creating transparency in the market for sustainable financing. After the issuance, we continue to support the issuer: in case of adjustments to the financing plans with an update of the SPO or by reviewing the reporting.

How does imug rating create a Second Party Opinion?

We support issuers from the private and public sectors from the joint kick-off meeting through our independent verification to the compliant Second Party Opinion.

Once the timetable has been jointly determined, we review the frameworkprepared by the issuer. The framework demonstrates that the issuer commits to use the proceeds for the intended purpose. At the same time, the issuer answers a questionnaire on ESG management to explain how it deals with environmental or social risks. After the exchange with employees of the issuer under review, we prepare the draft version of the SPO, on the basis of which the final verification is prepared and published by the issuer.

According to which standards does imug rating check?

imug rating offers Second Party Opinions for a wide range of issuances and other financing instruments: from green, social or sustainable bonds to green and social covered bonds, promissory notes and bearer bonds. We confirm the in-depth review of the issuance using the following standards, among others:

Review of the requirements for sustainable financing according to:

  1. Green and Social Bond Principles of the International Capital Market Association (ICMA)
  2. Green and Social Loan Principles of the Loan Market Association (LMA, LSTA)
  3. Sustainability Bond Guidelines (ICMA)
  4. Sustainability-linked Bond Principles (ICMA)


Sustainable assessment of projects via:

  1. Taxonomy of the Climate Bond Initiative (CBI Taxonomy)
  2. EU Taxonomy

At a glance

Our Track Record

EmittentBranchePr├╝fungsgegenstandDatumRahmenwerkSPO
Land Sachsen-AnhaltKommunenRahmenwerk f├╝r die Begebung Sozialer Anleihen2023RahmenwerkSPO
AOC ÔÇô Die StadtentwicklerImmobilienGreen Bond Mittelallokation Pr├╝fbericht2023RahmenwerkSPO
GreencellsEnergie Fund usage report of the secured Green Bond2023RahmenwerkSPO
GreencellsEnergie Updated Framework for Green Bond2023RahmenwerkSPO
AustriaEnergyEnergie Green Bond Framework2023RahmenwerkSPO
SOWITEC group GmbHEnergie Rahmenwerk f├╝r gr├╝ne Inhaberschuldverschreibung2023RahmenwerkSPO
enercity AGEnergieRahmenwerk f├╝r gr├╝ne Finanzierungsinstrumente2022Rahmenwerknicht ├Âffentlich
Stadt M├╝nsterKommunenRahmenwerk f├╝r nachhaltige Finanzierungen2022RahmenwerkSPO
Berliner WasserbetriebeWasser├ťberpr├╝fung der Berichterstattung zum gr├╝nen Schuldschein2022Rahmenwerk├ťdB nicht ├Âffentlich
ILB, IFB, ISB BankenRahmenwerke der sozialen Gemeinschaftsanleihe2022Rahmenwerk ILBSPO
GreencellsEnergie├ťberpr├╝fung der Berichterstattung zur gr├╝nen Inhaberschuldverschreibung2022Bericht zur Mittelverwendung├ťberpr├╝fung der Berichterstattung
EurogridEnergieGreen Bond 2022RahmenwerkSPO
Landesbank SaarBankenSocial Bond2022RahmenwerkSPO
ACTAQUAEnergieGr├╝ne Anleihe2022RahmenwerkSPO
WvM Immobilien + Projektentwicklung ImmobilienGr├╝ner Schuldschein2022nicht ├Âffentlichnicht ├Âffentlich
Stadtwerke Offenbach KommunenGr├╝ner Schuldschein2022nicht ├Âffentlichnicht ├Âffentlich
AOC | Die StadtentwicklerImmobilienGr├╝ne Inhaberschuldverschreibung2021nicht ├Âffentlichnicht ├Âffentlich
Sparkasse K├ÂlnBonnBankenGreen-Bond-Rahmenwerk 2021RahmenwerkSPO
Places for People Immobilien Sustainable Finance Framework2021RahmenwerkSPO
Berliner WasserbetriebeWasserGr├╝ner Schuldschein2021RahmenwerkSPO
Photon EnergyEnergieGreen Bond2021RahmenwerkSPO
Metropolitan Thames ValleyImmobilien Sustainable Finance Framework2021RahmenwerkSPO
Catalyst HousingImmobilien Sustainable Finance Framework2021RahmenwerkSPO
Sparkasse HannoverBankenGr├╝ne Emissionen (gr├╝ne Hypothekenpfandbriefe und gr├╝ne Schuldverschreibungen)2021RahmenwerkSPO
hep global GmbHEnergieGr├╝ne Inhaberschuldverschreibungen2021RahmenwerkSPO
KfW IpexBanken Green Lending Framework2021RahmenwerkSPO
Stadt M├╝nchenKommunen├ťberpr├╝fung der Berichterstattung zur sozialen Anleihe2021RahmenwerkSPO
eno energyEnergieGr├╝ne Anleihe2021nicht ├Âffentlichnicht ├Âffentlich
blueplanetRecyclingGr├╝ne Anleihe2021RahmenwerkSPO
Land Baden-W├╝rttembergKommunenGreen Bond2021RahmenwerkSPO
Link GroupImmobilien Sustainable Housing Finance Framework2020nicht ├Âffentlichnicht ├Âffentlich
GewobagImmobilien Sustainable Housing Finance Framework2020nicht ├Âffentlichnicht ├Âffentlich
VilogiaImmobilien Sustainable Housing Finance Framework2020nicht ├Âffentlichnicht ├Âffentlich
SaarLBBanken Gr├╝ne Anleihe2020RahmenwerkSPO
GreencellsEnergieGr├╝ne Inhaberschuldverschreibung2020RahmenwerkSPO
Forest FinanceLandwirtschaftGr├╝ne Anleihe2020RahmenwerkSPO
Agri ResourcesLandwirtschaftSustainability Bond2020Rahmenwerknicht ├Âffentlich
ActaquaEnergieGr├╝ne Anleihe2020nicht ├Âffentlichnicht ├Âffentlich
EurogridEnergieGreen Bond2020RahmenwerkSPO
ILBBanken Soziale Anleihe2020RahmenwerkSPO
Stadt M├╝nchenKommunenSoziale Anleihe2020RahmenwerkSPO
VNGEnergieGr├╝ner Schuldschein2019nicht ├Âffentlichnicht ├Âffentlich
ClarionImmobilien Sustainable Housing Finance Framework2019RahmenwerkSPO
ZugEstatesImmobilien Green Bond2019N/ASPO
ZugEstatesImmobilien Green Bond2018nicht ├Âffentlichnicht ├Âffentlich
Stadt HannoverKommunenGreen und Social Schuldschein2018nicht ├Âffentlichnicht ├Âffentlich
EnercityEnergie Gr├╝ner Schuldschein2018nicht ├Âffentlichnicht ├Âffentlich
MeggleLebensmittelGreen und Social Schuldschein2017N/Anicht ├Âffentlich



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Case Studies



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