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Anthropocene Fixed Income Institute

AFII Advocacy

Bond markets are producing high-octane, low cost financing for government and corporate entities that should face a much higher cost-of-capital if we are to succeed in the climate challenge. AFII seeks to highlight and bring transparency to such dealings. 

Our work

Banking on coal: SUEK bond review

Adani and what could be the world's coolest SLB

Fidelity and the oil sands pudding

 Who wants to run an inaugural bond deal for "one of the largest  exporters of seaborne thermal coal globally?" It seems BofA, Citi and  CMZB have appetite. 

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Fidelity and the oil sands pudding

Adani and what could be the world's coolest SLB

Fidelity and the oil sands pudding

 Recent statements from Fidelity around climate engagements are  important: as a key player in oil sands financing, the asset manager has an outsized role to play in GHG emissions impact. 

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Adani and what could be the world's coolest SLB

Adani and what could be the world's coolest SLB

Adani and what could be the world's coolest SLB

 Global coal player Adani is looking to do a sustainability linked  bond: would it not be "cool" if the coupon-kicker was linked to the  construction of the Carmichael coal mine?  

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ESG engagement and XL AUM growth

ESG engagement and XL AUM growth

Adani and what could be the world's coolest SLB

Keystone XL has finally been cancelled. This is a supreme  opportunity to build credibility for ESG efforts for a lot of market  players. If they engaged, that is.  

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California Flarin'

ESG engagement and XL AUM growth

Pump. Dump. Socialism.

 Private-equity owned Ameredev comes out as sector leading in terms of flaring of methane in the Permian Basin. Who invests in the PE firm?

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Pump. Dump. Socialism.

ESG engagement and XL AUM growth

Pump. Dump. Socialism.

 Key stakeholders in Dalrymple Bay, one of the world's biggest coal  terminals, are arguing for a socialisation of clean up costs, seemingly in opposition to other external claims.  

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Bond portfolio fossil exposure review: PFA Pension

Bond portfolio fossil exposure review: PFA Pension

Bond portfolio fossil exposure review: PFA Pension

  We are perplexed by the choice of PFA Pension to choose to be a  top international player (#2) in Province of Alberta oil sand funding.  

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Enbridge oil sands SLB - participation trophy alert

Peak greenwashing: NAB and Citi face criticism over coal financing

Peak greenwashing: NAB and Citi face criticism over coal financing

When one of the world’s key oil sands players – Enbridge – goes for a “sustainability linked bond” (SLB), it is hard to resist doing a deal review. We are underwhelmed by some of the specific metrics, and startled by the audacity in general.    

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Peak greenwashing: NAB and Citi face criticism over coal financing

Peak greenwashing: NAB and Citi face criticism over coal financing

Peak greenwashing: NAB and Citi face criticism over coal financing

   NAB gets called greenwasher by financial media due to its funding for the world's biggest coal export terminal, and Citigroup decides to take on a similar sole tier-1 lead in syndicating a USD450mn bond deal .  

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Lipstick on a pig: NAB's sustainability loan to coal

Peak greenwashing: NAB and Citi face criticism over coal financing

Lipstick on a pig: NAB's sustainability loan to coal

We review green bond issuer NAB's recent "sustainability" loan to the Port of Newcastle and advise investors to review their exposure to NAB if they want to avoid coal financing. 

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A lignite revolver? New EPH loan deal comment

Tar sand new issue alert: Korean National Oil Corporation

Lipstick on a pig: NAB's sustainability loan to coal

 We view a recent EPH €1bn loan deal as effectively coal/lignite funding, which could be of concern for some of the involved lenders (Citi, HSBC, Credit Suisse, ING, Unicredit, Commerzbank, Bank of China, SMBC and a local bank). 

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Blackpink or blackgold Short KNOC/KOROIL Notes

Tar sand new issue alert: Korean National Oil Corporation

Tar sand new issue alert: Korean National Oil Corporation

Korea National Oil Corporation has fully wiped out its equity. We analyze the credit scenario where the government lets the BlackGold tar sand project go and bets on the Blackpink COP26 trajectory instead. Includes flash views on the KNOC/KOROIL bond transaction in the market. 

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Tar sand new issue alert: Korean National Oil Corporation

Tar sand new issue alert: Korean National Oil Corporation

Tar sand new issue alert: Korean National Oil Corporation

 KNOC is starting investor calls on March 25 for a forthcoming bond transaction. Given the significant tar sand exposure of KNOC, we advise syndicating banks to make full disclosures thereof, and investors (especially the big Swiss ones) to request a carbon footprint on behalf of KNOC. Seems pretty reasonable in 2021. 

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EQT and Adani Enterprises: Some ESG questions

Brookfield: Coal and ESG mix like oil and water

Brookfield: Coal and ESG mix like oil and water

 A portfolio company of private equity house EQT has entered into a joint venture with Adani Enterprises, one of the world's biggest coal players, to build power hungry data centres. Self-disclosure says "mostly powered by renewables", and we ask a few questions around that. 

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Brookfield: Coal and ESG mix like oil and water

Brookfield: Coal and ESG mix like oil and water

Brookfield: Coal and ESG mix like oil and water

Brookfield looks set to launch a multi-billion dollar climate fund and a coal  expansion making Dalrymple Bay into the world's biggest coal export  facility. If only there were a word for such strategies.

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Coal, coup, CDP and credit: Adani Ports update

Brookfield: Coal and ESG mix like oil and water

Green reputation hijacking: How multilateral green credit lines are used for Carmichael purposes

 We review intensified coal mine engagements, Myanmar coup sanctions, potentially misleading carbon disclosure, and resistance to syndicate new bonds as factors to take into consideration for ADSEZ bond  investors.  

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Green reputation hijacking: How multilateral green credit lines are used for Carmichael purposes

Green reputation hijacking: How multilateral green credit lines are used for Carmichael purposes

Green reputation hijacking: How multilateral green credit lines are used for Carmichael purposes

 State Bank of India is using green credentials from multilaterals  like KfW, World Bank and EIB to detract from the Carmichael mega-loan. Put a stop to it. 

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Biden and the oil sand vanguard: Inaugural credit action

Green reputation hijacking: How multilateral green credit lines are used for Carmichael purposes

Biden and the oil sand vanguard: Inaugural credit action

 Biden's early decision to cut the Keystone XL pipeline project may  have implications for Vanguard's and NBIM's large bond positions in the  world's top oil sand producer, Province of Alberta.

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Having State Bank Carmichael coal exposure?

Green reputation hijacking: How multilateral green credit lines are used for Carmichael purposes

Biden and the oil sand vanguard: Inaugural credit action

 AFII makes the case for SBI refinancing of the bank's significant  USD near term maturities to be conditional on no Carmichael loan, and review parallel lending practices in order to win green bond mandates, with specific focus on SBI's 2018 green bond syndicate by HSBC among  others.

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So long. Farewell. xAuf Wiedersehnx. Adieu.

SBI (potential) Carmichael loan: Key financing transaction parties

SBI (potential) Carmichael loan: Key financing transaction parties

 The German coal decommissioning auction shuts 4.8GW of hard coal  power, and among them the Vattenfall Moorburg 1.6GW white elephant  project. Auction results and some reflections on the history of it.  

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SBI (potential) Carmichael loan: Key financing transaction parties

SBI (potential) Carmichael loan: Key financing transaction parties

SBI (potential) Carmichael loan: Key financing transaction parties

 Given a potential Carmichael loan from SBI, we review who are the main  banking transaction parties having exposure to such a - in our opinion - greenwash. MUFG and HSBC come out on top.

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State Bank of India + Coal Mega-Mine? Not so fast please

SBI (potential) Carmichael loan: Key financing transaction parties

Your AMs/PMs want to buy new Saudi Aramco bonds? Have them consider alternatives

 Media reports indicate that SBI is looking to provide USD650mn of fresh funding to Adani Enterprises and the Carmichael coal mine build. We think traditional bond investors, green bond investors and development banks should consider if the SBI's potential actions are in line with their climate targets. 

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Your AMs/PMs want to buy new Saudi Aramco bonds? Have them consider alternatives

Your AMs/PMs want to buy new Saudi Aramco bonds? Have them consider alternatives

Your AMs/PMs want to buy new Saudi Aramco bonds? Have them consider alternatives

Aramco is looking to issue bonds again. We suggest ways to argue with portfolio managers who insist on buying such bonds, through how you can replicate the risk/return profile.

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Final port of coal? The Brookfield Dalrymple IPO

Your AMs/PMs want to buy new Saudi Aramco bonds? Have them consider alternatives

Final port of coal? The Brookfield Dalrymple IPO

The Dalrymple coal terminal is one of the world's biggest pieces of coal infrastructure and is being put up for sale by Canadian asset manager Brookfield. There is a lot to comment on as the process enters the retail marketing stage. 

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The ECB and Alberta's oil production tax holiday

Your AMs/PMs want to buy new Saudi Aramco bonds? Have them consider alternatives

Final port of coal? The Brookfield Dalrymple IPO

The Canadian province of Alberta is one of the worst climate transgressors of the world. And still eligible for ECB liquidity support for they €4.5bn pool of EUR funding. That does not make sense.

25 October, 2020. 

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Reef Credits: An Indulgence

Dalrymple of Queensland and the Mighty Greenwash

Dalrymple of Queensland and the Mighty Greenwash

The recent AUD1mn contribution on behalf of HSBC and the Queensland government to Great Barrier Reef conservation is not in proportion to QLD's role as a top global player in coal. We call it.

22 October, 2020. 

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Dalrymple of Queensland and the Mighty Greenwash

Dalrymple of Queensland and the Mighty Greenwash

Dalrymple of Queensland and the Mighty Greenwash

Queensland green bonds are not credible as climate change mitigation instruments, as the state is on a buying spree to increase its dependency on coal.

29 Sep 2020.

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Global investors and the Carmichael mega-mine

Dalrymple of Queensland and the Mighty Greenwash

Global investors and the Carmichael mega-mine

 We review a number of broadly market traded issuers and securities in relationship to the enablement of the biggest greenfield coal development in the world. 

1 Sep 2020.

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Hard coal auction

Top coal, top ESG? The (Carmichael) follow up

Global investors and the Carmichael mega-mine

The upcoming German hard coal decommissioning auction is giving  the chance for several European governments, through their controlled  subsidiaries, to get rid of coal exposure. What should be the tactics? 

20 Aug 2020

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Top coal, top ESG? The (Carmichael) follow up

Top coal, top ESG? The (Carmichael) follow up

Top coal, top ESG? The (Carmichael) follow up

Follow-up on earlier note covering recent stated linkages to the Carmichael mine, notch-up (!) of the ESG rating and other commentary.

7 Sep 2020.

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Top coal, top ESG?

Top coal, top ESG? The (Carmichael) follow up

Top coal, top ESG? The (Carmichael) follow up

 We  believe big coal does not deserve top ESG ratings or index inclusions. We discuss this and the process of moving coal assets from the public  domain through delisting companies.  

3 Aug 2020.

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