This is the March 2026 update to our syndication fee league tables.
The Box is a tool investors can deploy in the counterparty selection process to influence bank behaviour. Using it, institutions can sanction banks that do not align with their own sustainability priorities, and so incentivise positive behaviour change.
The financial benefits of focusing on sustainability continue to grow.The gap between total green wallet versus fossil has continued to increase for large banks to USD263 million, despite both green fees and fossil fees having decreased over the past few quarters.
The top and bottom of the league tables are fairly static. Credit Agricole, Societe Generale, and BNP Paribas have topped the table since Sep 2023, all improving their net fees compared to the last report. Wells Fargo replaces TD Securities at the bottom.
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 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.
Based in Singapore, Rose has over 20 years’ experience in capital markets, most recently as a Senior PM at Conning Asia, and her research focuses on credit research and analysis on the energy transition in the Asia-Pacific region.
