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.
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.
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.
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:
Sustainable assessment of projects via:
| Emittent | Branche | Prüfungsgegenstand | Datum | Rahmenwerk | SPO |
|---|---|---|---|---|---|
| Land Sachsen-Anhalt | Kommunen | Rahmenwerk für die Begebung Sozialer Anleihen | 2023 | Rahmenwerk | SPO |
| AOC – Die Stadtentwickler | Immobilien | Green Bond Mittelallokation Prüfbericht | 2023 | Rahmenwerk | SPO |
| Greencells | Energie | Fund usage report of the secured Green Bond | 2023 | Rahmenwerk | SPO |
| Greencells | Energie | Updated Framework for Green Bond | 2023 | Rahmenwerk | SPO |
| AustriaEnergy | Energie | Green Bond Framework | 2023 | Rahmenwerk | SPO |
| SOWITEC group GmbH | Energie | Rahmenwerk für grüne Inhaberschuldverschreibung | 2023 | Rahmenwerk | SPO |
| enercity AG | Energie | Rahmenwerk für grüne Finanzierungsinstrumente | 2022 | Rahmenwerk | nicht öffentlich |
| Stadt Münster | Kommunen | Rahmenwerk für nachhaltige Finanzierungen | 2022 | Rahmenwerk | SPO |
| Berliner Wasserbetriebe | Wasser | Überprüfung der Berichterstattung zum grünen Schuldschein | 2022 | Rahmenwerk | ÜdB nicht öffentlich |
| ILB, IFB, ISB | Banken | Rahmenwerke der sozialen Gemeinschaftsanleihe | 2022 | Rahmenwerk ILB | SPO |
| Greencells | Energie | Überprüfung der Berichterstattung zur grünen Inhaberschuldverschreibung | 2022 | Bericht zur Mittelverwendung | Überprüfung der Berichterstattung |
| Eurogrid | Energie | Green Bond | 2022 | Rahmenwerk | SPO |
| Landesbank Saar | Banken | Social Bond | 2022 | Rahmenwerk | SPO |
| ACTAQUA | Energie | Grüne Anleihe | 2022 | Rahmenwerk | SPO |
| WvM Immobilien + Projektentwicklung | Immobilien | Grüner Schuldschein | 2022 | nicht öffentlich | nicht öffentlich |
| Stadtwerke Offenbach | Kommunen | Grüner Schuldschein | 2022 | nicht öffentlich | nicht öffentlich |
| AOC | Die Stadtentwickler | Immobilien | Grüne Inhaberschuldverschreibung | 2021 | nicht öffentlich | nicht öffentlich |
| Sparkasse KölnBonn | Banken | Green-Bond-Rahmenwerk | 2021 | Rahmenwerk | SPO |
| Places for People | Immobilien | Sustainable Finance Framework | 2021 | Rahmenwerk | SPO |
| Berliner Wasserbetriebe | Wasser | Grüner Schuldschein | 2021 | Rahmenwerk | SPO |
| Photon Energy | Energie | Green Bond | 2021 | Rahmenwerk | SPO |
| Metropolitan Thames Valley | Immobilien | Sustainable Finance Framework | 2021 | Rahmenwerk | SPO |
| Catalyst Housing | Immobilien | Sustainable Finance Framework | 2021 | Rahmenwerk | SPO |
| Sparkasse Hannover | Banken | Grüne Emissionen (grüne Hypothekenpfandbriefe und grüne Schuldverschreibungen) | 2021 | Rahmenwerk | SPO |
| hep global GmbH | Energie | Grüne Inhaberschuldverschreibungen | 2021 | Rahmenwerk | SPO |
| KfW Ipex | Banken | Green Lending Framework | 2021 | Rahmenwerk | SPO |
| Stadt München | Kommunen | Überprüfung der Berichterstattung zur sozialen Anleihe | 2021 | Rahmenwerk | SPO |
| eno energy | Energie | Grüne Anleihe | 2021 | nicht öffentlich | nicht öffentlich |
| blueplanet | Recycling | Grüne Anleihe | 2021 | Rahmenwerk | SPO |
| Land Baden-Württemberg | Kommunen | Green Bond | 2021 | Rahmenwerk | SPO |
| Link Group | Immobilien | Sustainable Housing Finance Framework | 2020 | nicht öffentlich | nicht öffentlich |
| Gewobag | Immobilien | Sustainable Housing Finance Framework | 2020 | nicht öffentlich | nicht öffentlich |
| Vilogia | Immobilien | Sustainable Housing Finance Framework | 2020 | nicht öffentlich | nicht öffentlich |
| SaarLB | Banken | Grüne Anleihe | 2020 | Rahmenwerk | SPO |
| Greencells | Energie | Grüne Inhaberschuldverschreibung | 2020 | Rahmenwerk | SPO |
| Forest Finance | Landwirtschaft | Grüne Anleihe | 2020 | Rahmenwerk | SPO |
| Agri Resources | Landwirtschaft | Sustainability Bond | 2020 | Rahmenwerk | nicht öffentlich |
| Actaqua | Energie | Grüne Anleihe | 2020 | nicht öffentlich | nicht öffentlich |
| Eurogrid | Energie | Green Bond | 2020 | Rahmenwerk | SPO |
| ILB | Banken | Soziale Anleihe | 2020 | Rahmenwerk | SPO |
| Stadt München | Kommunen | Soziale Anleihe | 2020 | Rahmenwerk | SPO |
| VNG | Energie | Grüner Schuldschein | 2019 | nicht öffentlich | nicht öffentlich |
| Clarion | Immobilien | Sustainable Housing Finance Framework | 2019 | Rahmenwerk | SPO |
| ZugEstates | Immobilien | Green Bond | 2019 | N/A | SPO |
| ZugEstates | Immobilien | Green Bond | 2018 | nicht öffentlich | nicht öffentlich |
| Stadt Hannover | Kommunen | Green und Social Schuldschein | 2018 | nicht öffentlich | nicht öffentlich |
| Enercity | Energie | Grüner Schuldschein | 2018 | nicht öffentlich | nicht öffentlich |
| Meggle | Lebensmittel | Green und Social Schuldschein | 2017 | N/A | nicht öffentlich |
| Issuer | Sector | Subject of the assessment | Date | Framework | SPO |
|---|---|---|---|---|---|
| The State of Saxony-Anhalt | Municipalities | Social Bond Framework | 2023 | Framework | SPO |
| ILB, IFB Hamburg, ISB | Banks | Framework of the social community bond | 2022 | Framework ILB | SPO |
| Eurogrid | Energy | Green Bond | 2022 | Framework | SPO |
| Places for People | Real estate | Sustainable Finance Framework | 2021 | Framework | SPO |
| Photon Energy | Energy | Green Bond | 2021 | Framework | SPO |
| Metropolitan Thames Valley | Real estate | Sustainable Finance Framework | 2021 | Framework | SPO |
| Catalyst Housing | Real etstate | Sustainable Finance Framework | 2021 | Framework | SPO |
| KfW Ipex | Banks | Green Lending Framework | 2021 | Framework | SPO |
| Link Group | Real estate | Sustainable Housing Finance Framework | 2020 | not public | not public |
| Gewobag | Real estate | Sustainable Housing Finance Framework | 2020 | not public | not public |
| Vilogia | Real estate | Sustainable Housing Finance Framework | 2020 | not public | not public |
| Agri Resources | Agriculture | Sustainability Bond | 2020 | Framework | not public |
| Eurogrid | Energy | Green Bond | 2020 | not public | not public |
| Clarion | Real estate | Sustainable Housing Finance Framework | 2019 | not public | SPO |
| ZugEstates | Real estate | Green Bond | 2019 | N/A | SPO |
| ZugEstates | Real estate | Green Bond | 2018 | not public | not public |
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