Sovereigns and central banks

Analyses of Supranational, Sovereign and Agencies (SSAs) as debt issuers and policymakers. We review the role of central banks and regulatory authorities in setting market standards and their approaches to decarbonisation.

The steps of a government building.

Proposal: South Korea USD new bond issuance


On 8 April, South Korea issued a request for proposal for an off-shore bond: AFII proposes a sustainability-linked structure based on the issuer’s decarbonisation targets.

日本のサステナビリティ・リンク・ボンドのプロポーザル (Japan SLB proposal)


We show how Japan’s Climate Transition Bond could be complemented with an SLB, to boost its green credentials

Transition power, a JGB SLB, prints in USD


We show how Japan’s Climate Transition Bond could be complemented with an SLB, to boost its green credentials

ECB 2023 climate review of corporate bond portfolios


We assess whether the ECB has moved to improve the climate impact of its corporate bond portfolio, and the potential impact for investors

Contingent Resilience-Linked (CORL) bonds: combining public and private capital for resilience


We propose a new bond structure to increase private investment in sustainable development

Chile's Peso SLB issuance


Chile's recent CLP sustainability linked bond makes it the second largest SLB issuer

Offi-Chile the largest sovereign SLB issuer


We review Chile's new SLBs, in terms of the materiality of structure, and option pricing.

Sovereign SLB: an option for Japan's transition


In this report we examine Japan's preperations for a financing package to support the green transformation of its economy.

Uruguay SLB: market update


Here, we discuss Uruguay's inaugural SLB that has an innovative symmetric step-up/step-down structure.

Kunming-Montreal agreements: a bond perspective


In this report, we discuss how biodiversity exposures in investment portfolios are becoming important across the fixed income space.

The reformed SSA trader: A new-found dog


Newfoundland and Labrador announces a new program for issuing debt into the European SSA market.

ECB climate policy and EUR bond dynamics


We explore the ECB's clear shift in its climate policy framework.