Anthropocene Fixed Income Institute

In the spirit of a traditional end-of-year exercise of the industry, we list what AFII thought were the most notable fixed income fossil funding deals in 2021.

(21 Dec 2021)

Within a month of issuing a new bond, SUEK has called force majeure one of its key facilities. We believe involved parties (e.g. Bank of America, Citi, Commerzbank) in the bond transaction have a moral duty to inform investors of this development.

(14 Oct 2021)

One of the world's top thermal coal exporters is looking to invest new USD funding. BofA, Citi and CMZB are happy to run the mandate, it appears.

(2 Sep 2021)

Investors looking at the Sep-21 issued SUEK 2026 bonds should investigate what effects sanction regimes could have on the issuers capacity and/or willingness to pay coupons and/or repay nominals. Or just watch their mark-to-market.

  (24 Feb 2022)

Downgrade to Caa2, expulsed from the JPM CEMBI, (former) owner under sanctions makes an challenging setup for SUEK's 15 March bond coupon payment.

  (11 Mar 2022)

It seems unreasonable that Russia's premiere thermal coal mining company's bonds are being bought by ESG bond ETFs: our analysis indicates several potential errors leading up to this.

  (17 May 2022)