This is the June 2025 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.
We have seen a shift towards green behaviour! On average, large banks are earning a greater portion of fees from green deals than fossil ones. In total fossil fees are still higher, so this suggests the smaller banks are more focused on green activity.
The relative positions of large banks in the green/fossil fee league tables remain stable. Credit Agricole, Societe Generale and BNP Paribas are at the top, while Wells Fargo, RBC and JP Morgan are 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.
