Sustainable Bonds Remain Hot! TSMC and Taipower Lead Issuance—30 Deals Launched This Year, On Track to Hit $100 Billion Target by Year-End

The GreTai Securities Market held its regular press conference today (19th), announcing that the 2024 issuance target for Sustainable Development Bonds (SDBs) has entered its final sprint phase.

Despite the global high-interest-rate environment increasing corporate borrowing costs, Ms. Shu-Nuan Lee, Deputy General Manager of GreTai, emphasized that 30 SDBs have already been issued this year, totaling NT$91.48 billion—just shy of the full-year NT$100 billion target. The overall issuance pace remains on track, and she expressed optimism that the target would be achieved by year-end. Green bonds account for nearly NT$70 billion, with TSMC (2330-TW) and Taipower serving as the largest issuers.

Lee acknowledged that last year (2025) was the peak period for SDB issuance, driven by widespread market expectations of rate cuts. However, this year, uncertainty around the U.S. Federal Reserve’s rate-cut timing has led to rising long-term interest rates. Some investors, anticipating price declines, have initiated redemptions, slowing the issuance momentum compared to last year.

Nonetheless, GreTai continues to prioritize SDBs as a key initiative. As of August 18, 2026 (Year 115), there are 258 outstanding SDB issues in Taiwan, with a total outstanding balance of NT$832.239 billion. Lee noted that both the number of issues and total value align with targets, and five new issuers have recently received eligibility approval, injecting fresh momentum into the market before year-end.

Among bond categories, green bonds remain the market leader. By August 18, 22 green bonds had been issued this year, totaling NT$69.62 billion. TSMC alone issued NT$36.9 billion, while Taipower issued NT$16.72 billion—both accounting for the vast majority of green bond volume. Other issuers include BNP Paribas, Fubon Bank, Far EasTone Telecommunications, and the Kaohsiung City Government.

Regarding future plans, Lee mentioned that TSMC and Taipower still have approved quotas, but any further issuance will depend on internal funding needs and whether market interest rates meet their expectations.

Beyond green bonds, four sustainability bonds have been issued this year, totaling NT$12.16 billion, involving issuers such as Kaohsiung Bank, Land Bank, and KEB Hana Bank. Four social bonds were also issued, amounting to NT$9.7 billion. Meanwhile, six Sustainability-Linked Bonds (SLBs) are currently outstanding, with a combined balance of NT$15.9 billion.

Notably, five new issuers have recently obtained eligibility for issuing SDBs and are expected to list soon:

- Mega International Commercial Bank: Approved for NT$1.5 billion in green bonds. - Standard Chartered Bank and Yuanta Commercial Bank: Both received sustainability bond qualifications. Yuanta’s includes NT$1 billion and USD 300 million. - Taiwan Mobile: Has secured issuance eligibility and will issue in tranches based on demand. - Kaohsiung City Government: Received approval for social bond issuance.

On market competitiveness, Lee stated that the “dual-listing” mechanism for international bonds, launched in March, is gradually gaining traction. Two bond issues hosted by KGI Securities and Yuanta Financial Securities have already listed. While foreign brokers require lengthy legal and compliance coordination with overseas headquarters, GreTai continues to incentivize participation through promotional programs.

Finally, Lee revealed that GreTai is collaborating with the Taiwan Stock Exchange to develop an integrated “Investment Information Dashboard.” This platform will consolidate data such as margin trading and net buy/sell volumes, aiming to standardize market information, prevent investor misinterpretation, and further enhance transparency in Taiwan’s capital markets. Despite ongoing macroeconomic uncertainties, GreTai remains committed to supporting enterprises in raising funds via sustainable bonds to achieve net-zero transformation goals.