The Box: syndication fee league tables Q3 26

Among large banks, both green and fossil fees fell quarter-on-quarter, but fossil fell harder: down 37% to USD285mn while green fell 17% to USD248mn. The quarterly gap narrowed from USD151mn to USD37mn. The rolling one-year balance remains negative at USD-29mn, deepening from USD-19mn in June.

Outside the large banks, green fees continue to outpace fossil. Intermediate banks are net green-positive at USD339mn over the year, though the balance has eased from USD404mn in June. In ASEAN the three-year net is USD155mn, equal to 4.2% of total fees. In Japan, all 18 banks active in domestic deals are at zero or positive.

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.  

About the authors

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.

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.

Rose Choy

Research Director, APAC

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.