Net green/fossil bond syndication league table - Dec 2022

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This report provides the Dec 2022 net green/fossil bond syndication league table ahead of the International Monetary Market (IMM) date (and derivative rolls).

The intent of this league table is to rank the relative tilt of individual counterparties’ commercial banking activities for purposes of ‘The Box’ counterparty selection algorithms.

The report covers a select number of large and intermediate potential counterparties. Fees are calculated over a two-year rolling window, and changes are reported versus the last report in Sep-22 as well as compared to Dec-21 and Dec-20.

In this update, the most notable shifts among the large institutions, are the improvement of Goldman Sachs (up two places) and Morgan Stanley (+3), indicating relatively more green vs fossil bond/loan fee generation, and the fall of SMBC (-5) and Deutsche Bank (-3). RBC appears to firm up its position as one of the highest net fossil funding banks - it is the only major player with an increase in absolute intake of fees relative to 2019-20. Turning to intermediate institutions, ING Groep has risen a noteworthy 12 positions since September, driven both by an increase in green fees as well as a decrease in fossil fees.

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