Net green/fossil bond syndication league table - Sep 23

3 minute read

This is the September 2023 update to our net/green fossil bond syndication league tables ahead of the IMM date (and rolls). These league tables proxy the relative tilt of individual institutions’ debt capital markets activities in terms of climate alignment.

Using fee-intake rather than nominal volumes of financing and/or underwriting is a way to adjust for the risk appetite of the bank for particular types of transactions. Transactions where the bank is a more important facilitator to enable the capital flow (‘additionality’) are likely to generate higher fees than deals where the bank is more replaceable.

The league tables we present highlight banks that we deem to be likely international counterparties. AFII is able to provide similar lists for extended and bespoke counterparty-lists.

Numbers are based on Bloomberg data and are in many cases inferred or estimated: thus we would be wary of using the absolute dollar number (e.g. “Bank X made Ymn in fees”) but hypothesise that the number on an aggregate level is valid for relative rankings.

Fees are calculated over a two-year rolling window, and changes versus the last report (Jun-23) as well as a rolling window ending Sep-22 and Sep-21 are reported.

AFII will continue to produce these tables ahead of the IMM dates, to allow investors to apply fresh counterparty selection routines when rolling various futures and derivatives contracts.

Download pdf (0.1mb)