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

12/04/2024

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)

15/02/2024

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

07/02/2024

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

22/01/2024

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

31/10/2023

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

Chile's Peso SLB issuance

27/07/2023

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

Offi-Chile the largest sovereign SLB issuer

29/06/2023

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

Sovereign SLB: an option for Japan's transition

19/06/2023

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

Uruguay SLB: market update

05/06/2023

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

Kunming-Montreal agreements: a bond perspective

05/04/2023

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

07/03/2023

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

ECB climate policy and EUR bond dynamics

11/01/2023

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