However, what is less positive is that the relative shift comes mainly from more green and not less issuance activities for fossil focused businesses. The fees charged for fossil issuances are in line with the past decade, whereas green fees appear to have been trending downwards as the market has grown in the past five years, arguably from higher competitive pressure.
The full year numbers establish further evidence on some themes highlighted in our earlier pieces: (1) French banks climb significantly and land themselves at the upper part of the table; (2) MUFG firmly sits at the bottom of the table; and (3) Japanese banks are all in the bottom third together with more “regional” North American banks WFS and RBC.
We select traditional league-table criteria for bonds only (not loans) and use Bloomberg flags for green bonds. Sustainability linked bonds are not defined as ‘green’ in terms of the league table construction.
