16/09/2025
12 minute read
This is the September 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.
For the first time in nearly two years, we see that total green wallet has exceeded that for fossil deals among large banks: by $1.53bn to $1.46bn.
The relative positions of large banks in the green/fossil fee league tables remain largely stable. Credit Agricole, Societe Generale, and BNP Paribas are at the top, while Wells Fargo and JP Morgan remain at the bottom, now joined by Morgan Stanley.
Dec 2023 update of The Box - a tool for investors to use their counterparty selection process to influence bank behaviour
June 2025 update of The Box: syndication fee league tables
We explore the trend in hydrocarbon funding for public bond investors to provide leverage through bonds.
What Glencore’s recent news announcements mean for its decarbonisation ambitions
Japanese gas utilities’ over-exposure to LNG may impact bondholders
An update on net green/fossil DCM fee generation from key banks.
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