A big potential State Bank of India loan to the Carmichael coal mine is coinciding with a significant short term USD refinancing hump in loans and bonds. Refinancing should be conditional on stopping the Carmichael loan. We also look at how SBI green bond syndicators HSBC and MUFG engaged in general purpose lending to SBI in the run-up to issuing the 2018 green bond. We comment on such practices in the context of ESG efforts and green bond credibility.
(10 Dec 2020)