The Box Mar 23 (Credit Suisse/UBS update)

4 minute read

This report provides the Mar-23 net green/fossil bond syndication league tables ahead of the International Monetary Market (IMM) date (and derivative rolls).

The intent of these league tables 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 Dec-22 as well as compared to Mar-22 and Mar-21.

Following last week’s implosion of Credit Suisse and the subsequent acquisition by UBS over the weekend, orchestrated by the Swiss authorities, we update our net green/fossil syndication fee league tables to reflect the merged entity.

In the original Mar 2023 article UBS was ranked 1 and Credit Suisse was ranked 6. We now show that when combining fees for the two they end up with a rank of 3, shifting HSBC to the top instead. When observing the intermediate institutions, Rabobank and Natixis exhibit the largest moves compared to the last report.

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