Fossil lending

Investigations, analyses and rankings on debt lending that facilitates fossil fuel expansion, undermines climate goals and contradicts institutional ESG policies, helping counterparties to engage on climate issues and advocate for change.

Factories emitting pollution.

The Box

14/09/2021

We propose a counterparty de-selection algorithm to help parties meet their climate goals.

An overhead photo of a road submerged by floodwater.

Mexiconvexity: Credit, IMF, Pemex

08/09/2021

Mexico's president eager to use IMF covid funding to support Pemex.

An overhead photo of a road submerged by floodwater.

Woodside Petroleum vs iTraxx Australia

18/08/2021

Woodside underperforms Aussie stocks after the deal to take over oil and gas production.

Financial candles on a screen.

"Passive" money and new thermal coal mine builds

29/07/2021

In this report, we explore the passive investments made in the relationship between Adani and Carmichael.

Factories emitting pollution.

Fidelity and the oil sands pudding

28/07/2021

Fidelity has an outsized role to play in green house gas emissions impact.

A financial analyst’s Bloomberg keyboard layout.

Enbridge oil sands SLB - participation trophy alert

23/06/2021

Enbridge's SLB looks like a step towards energy transition, but it is not.

Factories emitting pollution.

ESG engagement and XL AUM growth

10/06/2021

Keystone XL tar sand pipeline project finally ceases.

Factories emitting pollution.

California flarin'

09/06/2021

Ameredev leads the way in the sector in terms of methane flaring in the Permian Basin.

A financial analyst’s Bloomberg keyboard layout.

Pump. Dump. Socialism.

02/06/2021

Dalrymple Bay IPO continues to be an open wound for anyone invested.

An overhead photo of a road submerged by floodwater.

Big Oil's terrible day: Bond market (lack of) reactions

01/06/2021

Oil companies spreads hardly move following negative news flow.

An overhead photo of a road submerged by floodwater.

Exxon capital structure arbitrage/impact trade idea

21/05/2021

To reduce hydrocarbon capex and leverage up the balance sheet, buy Exxon equity, short the credit.

An overhead photo of a road submerged by floodwater.

Credit investors, rating agencies and climate: Exhibit 1

14/05/2021

Issuer credit ratings are vulnerable to refinancing risks.