Corporate esg bond issuance holds firm into 2027

中文标题

企业ESG债券发行在2027保持坚挺

ING THINK10/21/2026updated 10/21/2026

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Citable research brief

Core conclusion · Tlines extraction

ING expects euro-denominated corporate ESG bond supply to reach €72bn in 2027, slightly above its €70bn estimate for 2026, with net supply rising to €41bn from €34bn as redemptions fall €5bn to €31bn. Utilities, which accounted for 66% of 2026 issuance, should stay dominant given heavy capex, and hybrids—around 25% of utility sustainable supply—should remain common. SFDR 2.0 supports structural demand, though a conservative non-hyperscaler supply view caps growth, and 80-90% of issuance has been green over two years.

Institution: ING THINK
Published: 10/21/2026
Research topic: Not explicitly stated
Time horizon: medium-term · next year

Key arguments

ESG issuance should edge slightly above 2026 levels, aided by corporates tapping a wider sustainable investor base amid an uncertain market backdrop.
Utilities should remain the dominant issuer given substantial capex plans, keeping sustainable hybrids commonplace to protect credit profiles and ratings.
Refinancing of redemptions and ESG curve expansion by existing issuers, plus new entrants, underpin supply.
A conservative overall supply outlook outside hyperscalers limits potential growth in sustainable issuance.

Key numbers

2027 corporate ESG supply forecast: €72bn
2026 full-year estimate: €70bn
2027 net supply: €41bn
Redemptions 2027: €31bn (down €5bn YoY)
Utilities' share of 2026 issuance: 66%

Main risks

Overall corporate supply outside hyperscalers could disappoint, capping sustainable issuance growth.
Issuance is heavily concentrated in utilities, so a shift in that sector's capex or hybrid appetite would matter materially.
Regulatory support such as SFDR 2.0 is assumed to persist; any change could alter demand.

Corresponding source evidence

We expect regulatory drivers such as SFDR 2.0 to continue to support structural demand for ESG bonds in the medium term. · medium-term
Over the past two years, 80-90% of issuance has been green, and we think this trend will continue next year. · next year

Context: the conclusion is Tlines' automated extraction, not the institution's wording. Quoted evidence is publisher wording. Scope and date must travel with the conclusion.

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