The Box: syndication fee league tables Q1 25

The green/fossil fee league tables were largely unchanged quarter-on-quarter. Wells Fargo held the bottom-most spot amongst Tier 1 banks once again, and has deepened its reliance on fossil financing in recent months. RBC and BofA also retained their spots near the bottom of the table.

At the other end of the table, Credit Agricole was the biggest mover, climbing two spots to obtain the top-most rank. Its French peers BNP Paribas and Societe Generale took the second and third spots, respectively.

Amongst intermediate-sized lenders, Natixis and Intesa Sanpaolo experienced the biggest declines, both dropping three spots in the table.

In ASEAN, OCBC and UOB topped the rankings, while SMBC and Mizuho Financial held the bottom two spots – the same as last quarter.

In the past quarter there have been several high-profile exits from the NZBA, which have observed to be highly correlated with poor performance in these league tables.

About the authors

Josephine Richardson

Managing Director, Head of Research

Based in London, Jo leads AFII’s research and a global team supporting fixed income investors as they align their portfolios with climate and sustainability goals. She joined AFII after 18 years in fixed income markets at JPMorgan.

Johan Jarnmo

Associate Director, Portfolio Strategy

Johan develops tools and analytics that help fixed income investors invest in a climate- and nature-positive way, including AFII’s portfolio tools Co₂liseum and FIONA. He previously worked in Deloitte’s Risk Advisory practice.

Patricia Hutchinson

Patricia was previously an Associate Director of Research at AFII.