Anthropocene Fixed Income Institute

Port of Newcastle issues an inaugural USD bond at yields significantly higher than the rating would imply. We interpret this as a clear sign of high funding costs for coal related issuers.

(19 November 2021)

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 sole tier-1 lead in syndicating a USD450mn bond deal for the same cause. 

(6 May 2021)

“National Australia Bank (NAB) group executive  David Gall says the world's biggest coal export facility will be able  to reduces its repayments if it meets social and environmental targets.”   We review green bond issuer NAB's recent "sustainbility" loan to the  Port of Newcastle and advice investors to review their exposure to NAB  if they want to avoid coal financing.

(4 May 2021)

PONEIV has been downgraded below investment grade by S&P. In combination with upcoming loan maturities, Nov-23, this could provide a clearly negative technical for the 2021-issued bonds.

(7 Sep 2023)