This is the June 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 trend has shifted with fossil fees now outpacing green fees. Syndication fees have risen quarter-on-quarter, with fossil up +252% and green +62%. This leads to the net figure turning negative, with USD-19 million net fees in the past year for large banks.
The top and bottom of the league tables remain static. Credit Agricole, Societe Generale, and BNP Paribas remain at the top, but all worsening their net fees compared to the last report. Wells Fargo also worsens its net fees at the bottom.
The overall fee trend however is contrary in ASEAN and Japan. In ASEAN the average net fee ratio has continued to rise in the latest period and in Japan all banks have a positive net figure. This may indicate regional divergence in themes of energy investments.
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.
