AFII research on the Bloomberg terminal. BRC <go>, Source: ANF, Set alerts

Anthropocene Fixed Income Institute
Anthropocene Fixed Income Institute
  • AFII Home
  • About AFII
  • AFII in the Media
  • Market Research
  • Research Synthesis
  • Academic Research
  • Advocacy
  • Team
  • Careers
  • Disclaimer and Privacy

Anthropocene Fixed Income Institute

Other recent work >>>

State Bank of India and Carmichael

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

 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. 

Download PDF

SBI (potential) Carmichael loan: Key financing parties

 iven 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.  

(23 Nov 2020)

Download PDF

How green bonds are (not) supposed to work.

 

A green bond market where issuers can directly  finance what has been called “the world’s most insane energy project”  and still claim credit for refinancing a dozen of windmills deserves to  be questioned. 

Could we avoid it? We look into the State Bank of India potential Carmichael coal loan. (25 Nov 2020)

Donwload PDF

Private equity investment engagement and CO2 footprinting

A real-time case study

 

 The biggest USD bond funder of potential  Carmichael coal lender State Bank of India has a dominant private equity  owner,  top-three firm Apollo Management. What does this mean for  (climate concerned) end investors in Apollo funds, and/or the PE  manager's engagement opportunity here?  

(10 Dec 2020)

Download PDF

Having State Bank Carmichael coal exposure?

 

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)

Download PDF

Green reputation hijacking: Multilaterals and Carmichae

 

In recent investor communications, State Bank  of India (SBI) is leveraging the credibility of multilateral  institutions like KfW, World Bank and EIB to detract from its potential  Carmichael coal mine development loan. We believe those institutions,  and KfW in particular (with over USD1bn in credit lines), have a duty to  distance themselves from being part of such marketing efforts.

( 5 Feb 2021)

Download PDF

Subscribe

Copyright © 2022 Anthropocene Fixed Income Institute. All rights reserved.  

AFII supports Say On Climate.

  • AFII Home
  • About AFII
  • AFII in the Media
  • Market Research
  • Academic Research
  • Advocacy
  • Team
  • Careers
  • Disclaimer and Privacy

AFII

This website uses cookies.

We use cookies to analyze web traffic. By entering the site, you agree to this usage, Welcome!

Do not agreeAgree