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:
  • Green and Social Bond Principles of the International Capital Market Association (ICMA)
  • Green and Social Loan Principles of the Loan Market Association (LMA, LSTA)
  • Sustainability Bond Guidelines (ICMA)
  • Sustainability-linked Bond Principles (ICMA)


Sustainable assessment of projects via:
  • Taxonomy of the Climate Bond Initiative (CBI Taxonomy)
  • EU Taxonomy

At a glance

Our Track Record

EmittentBranchePr√ľfungsgegenstandDatumRahmenwerkSPO
Landesbank SaarBankenSocial Bond2022RahmenwerkSPO
ACTAQUAImmobilienGr√ľne Anleihe2022RahmenwerkSPO
WvM Immobilien + Projektentwicklung ImmobilienGr√ľner Schuldschein2022nicht √∂ffentlichnicht √∂ffentlich
AOC | Die StadtentwicklerImmobilienGr√ľne Inhaberschuldverschreibung2021nicht √∂ffentlichnicht √∂ffentlich
Sparkasse KölnBonnBankenGreen-Bond-Rahmenwerk 2021RahmenwerkSPO
Places for People Immobilien Sustainable Finance Framework2021RahmenwerkSPO
Berliner WasserbetriebeWasserGr√ľner Schuldschein2021RahmenwerkSPO
Photon EnergyEnergieGreen Bond2021RahmenwerkSPO
Metropolitan Thames ValleyImmobilien Sustainable Finance Framework2021RahmenwerkSPO
Catalyst HousingImmobilien Sustainable Finance Framework2021RahmenwerkSPO
Sparkasse HannoverBankenGr√ľne Emissionen (gr√ľne Hypothekenpfandbriefe und gr√ľne Schuldverschreibungen)2021RahmenwerkSPO
hep global GmbHEnergieGr√ľne Inhaberschuldverschreibungen2021RahmenwerkSPO
KfW IpexBanken Green Lending Framework2021RahmenwerkSPO
Stadt M√ľnchenKommunen√úberpr√ľfung der Berichterstattung zur sozialen Anleihe2021RahmenwerkSPO
eno energyEnergieGr√ľne Anleihe2021nicht √∂ffentlichnicht √∂ffentlich
blueplanetRecyclingGr√ľne Anleihe2021RahmenwerkSPO
Land Baden-W√ľrttembergKommunenGreen Bond2021RahmenwerkSPO
Link GroupImmobilien Sustainable Housing Finance Framework2020nicht öffentlichnicht öffentlich
GewobagImmobilien Sustainable Housing Finance Framework2020nicht öffentlichnicht öffentlich
VilogiaImmobilien Sustainable Housing Finance Framework2020nicht öffentlichnicht öffentlich
SaarLBBanken Gr√ľne Anleihe2020RahmenwerkSPO
Green CellsEnergieGr√ľne Inhaberschuldverschreibung2020RahmenwerkSPO
Forest FinanceLandwirtschaftGr√ľne Anleihe2020RahmenwerkSPO
Agri ResourcesLandwirtschaftSustainability Bond2020Rahmenwerknicht öffentlich
ActaquaEnergieGr√ľne Anleihe2020nicht √∂ffentlichnicht √∂ffentlich
EurogridEnergieGreen Bond2020RahmenwerkSPO
ILBBanken Soziale Anleihe2020RahmenwerkSPO
Stadt M√ľnchenKommunenSoziale Anleihe2020RahmenwerkSPO
VNGEnergieGr√ľner Schuldschein2019nicht √∂ffentlichnicht √∂ffentlich
ClarionImmobilien Sustainable Housing Finance Framework2019RahmenwerkSPO
ZugEstatesImmobilien Green Bond2019N/ASPO
ZugEstatesImmobilien Green Bond2018nicht öffentlichnicht öffentlich
Stadt HannoverKommunenGreen und Social Schuldschein2018nicht öffentlichnicht öffentlich
EnercityEnergie Gr√ľner Schuldschein2018nicht √∂ffentlichnicht √∂ffentlich
MeggleLebensmittelGreen und Social Schuldschein2017N/Anicht öffentlich

References