This is the December 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.
This edition confirms a clear and growing trend. Over the past year, large global banks earned USD1.465 billion in green syndication fees versus USD1.233 billion from fossil-related deals, widening the green–fossil gap to USD231 million.
French banks continue to dominate the top of the league tables, with Credit Agricole, BNP Paribas and Societe Generale maintaining a commanding lead, while several US and Canadian banks remain firmly 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.
