Net green/fossil bond syndication league table - Sep 2022

4 minute read

This short note updates, ahead of various IMM-dated contract rolls, our list of bank counterparty performance in terms of net green vs fossil bond and loan syndication.

We will continue to produce these tables ahead of the IMM dates. Ahead of upcoming IMM date rolls of futures and derivatives contracts, we update league tables based on net fee intake from green vs fossil bond and loan syndications.

We will continue to produce these tables ahead of the IMM dates, to allow investors to apply counterparty selection routines when rolling various futures and derivatives contracts. Our re-ranking of bank net green vs fossil deal activity since last update in June throws some interesting perspectives on which banks are leading and lagging in terms of syndication activity.

We see HSBC climbing the ladder to enter the top three at the same time as RBC firms up its place as a top fossil funding activity player, indeed the only bank that has been increasing its intake of fees from fossil funding relative to energy transition activities. Goldman seems to be on a pretty consistent climb upwards, and - although dropping a bit this time around - the trend for SMBC remains upwards, not least in the context of the high-fossil performance of local competitors Mizuho and MUFG.