CCDC Index Series

Chinese domestic green bond indices from CCDC accessible via Luxembourg

Prices of three of China Central Depository & Clearing’s (CCDC) domestic green bond indices are simultaneously displayed in China and Luxembourg. The key objective of displaying Indices on a European exchange is to provide market performance data not only to local, but also to international market participants.

About CCDC

CCDC is a wholly state-owned financial institution which is the only general depository responsible for the establishment and operation of China’s government bond depositary system and the Central Securities Depositary (‘CSD’) in the Chinese Inter-bank Bond Market. It is also the primary depository for commercial bond book-entry government bank transactions.

In July 2017, CCDC established a benchmark pricing platform, China Bond Pricing Center Co Ltd, to efficiently promote the fair value pricing of bonds and market transparency. China Bond Pricing Center is wholly owned by CCDC.

About the indices

As part of CCDC’s strategy to support the establishment of green finance in China, the institution has developed three domestic green bond indices which reflect the performance of Chinese domestic green bonds mainly used to support projects in China, including clean transportation and green finance.

Composition of the CCDC Green Bond Index Series

The CCDC Green Bond Index Series contains the following three indices:  

ChinaBond China Climate-Aligned Bond Index

If the proceeds of the selected green bonds are entirely invested in green projects, the bonds must conform to the PBOC Green Bond Endorsed Project Catalogue and the Climate Bonds eligibility taxonomy.

If the proceeds are not entirely allocated to green projects, 95% or more of the issuer's main business income must come from green industry projects which are in line with the PBOC Green Bond Endorsed Project Catalogue and the Climate Bonds eligibility taxonomy.


ChinaBond China Green Bond Select Index

The index includes bonds that are certificated "green" by third parties or that have the use of proceeds, issuer’s industries, main business and major products disclosed in the issuance documents aligned with all of the following green bond standards:

1. PBOC Green Bond Endorsed Project Catalogue (2015 Edition) issued by the People's Bank of China

2. Green Bond Guidelines issued by the National Development and Reform Commission

3. Green Bond Principles (2015) released by the International Capital Markets Association

4. Climate Bonds Standard (2015) released by the Climate Bonds Initiative

In case of insufficient information about the use of proceeds, the industries in which an issuer operates, its main business scope, major products and revenues from main business shall be considered as references for the purpose of identification. If an issuer's main business is in a green industry and the revenue from its main business accounts for at least 50% of its total revenue, the bond shall be included in this index.



ChinaBond China Green Bond Index

The index includes bonds that are certificated "green" by third parties or that have the use of proceeds, issuer’s industries, main business and major products disclosed in the issuance documents aligned with at least one of the following green bond standards:

1. PBOC Green Bond Endorsed Project Catalogue (2015 Edition) issued by the People's Bank of China

2. Green Bond Guidelines issued by the National Development and Reform Commission

3. Green Bond Principles (2015) released by the International Capital Markets Association

4. Climate Bonds Standard (2015) released by the Climate Bonds Initiative

In case of insufficient information about the use of proceeds, the industries in which an issuer operates, its main business scope, major products and revenues from main business shall be considered as references for the purpose of identification. If an issuer's main business is in a green industry and the revenue from its main business accounts for at least 50% of its total revenue, the bond shall be included in this index.
 



Disclaimer

Indices used in the following cases shall be considered as benchmarks for the purpose of the Regulation (EU) 2016/2011 of June 8, 2016 (the “Benchmarks Regulation”) as amended or supplemented from time to time and fall within the scope of the Benchmarks Regulation:
  • Any indices used to determine the interest payable or other sums due under financial contracts or instruments,
  • Any indices used to determine the price at which the financial instrument may be bought, sold, traded or redeemed, or
  • Any indices used to measure the performance of a financial instrument are qualified as benchmarks.

Please refer to the Benchmarks Regulation to know more about your rights and duties under the Benchmarks Regulation. The ChinaBond China Climate-Aligned Bond Index, ChinaBond China Green Bond Index and ChinaBond China Green Bond Select Index (the “Indices”) are proprietary and privilege data of China Central Depository & Clearing Co., Ltd (“CCDC”). CCDC has appointed ChinaBond Pricing Center Co., Ltd (“ChinaBond”) to be its index business agency. Although ChinaBond has made its best efforts to ensure the accuracy of the Indices and all related information (collectively the “Information”), ChinaBond cannot guarantee the accuracy, timeless or completeness of the Information.

The Information is made available for general information purposes. It cannot be disseminated, displayed, sold or distributed, in any manner, in whole or in part, freely or against payment, without the prior written consent of ChinaBond. The Information is not tailored for specific investors’ situations and may therefore not be suitable for you. The Information is not and shall not be a substitute for your own researches, investigations, verifications, checks or consultation for professional or investment advice. You are using the Information at your own risks.

Luxembourg Stock Exchange (“LuxSE”) does not give any representation or warranty and disclaims any liability or responsibility of any kind in connection with the accuracy, correctness, timeliness, fitness for a particular purpose, reliability or completeness of the Information. LuxSE does not accept any liability or responsibility of any kind for any loss or damages arising directly or indirectly from the use of, or any action refrained or taken on any Information. The Information does not constitute and is not construed as any advice, solicitation, offer, endorsement, commitment or recommendation on behalf of LuxSE to (i) invest in any financial instrument and/ or (ii) follow or use the Indices as a benchmark or reference. The publication of the Information by LuxSE does not represent or constitute any warranty or representation from LuxSE in connection with the good standing, profitability, suitability or reliability of any financial instrument and/ or of the Indices. LuxSE cannot represent or warrant that the Information will be updated, displayed or made available in real time and/ or without any delay.

If you need more information

Contact us

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Carlo Oly

Head of Relationship Management

+352 47 79 36 227 col@bourse.lu
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Jackie Na Liu

Head of Asia Business Development

+352 47 79 36 418 jnl@bourse.lu