Sovereigns and central banks

Analyses of Sovereigns, Supranationals 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.

All Bond spotlight Sustainability-Linked Bonds Climate risk pricing Fossil lending Nature loss Transparency Sovereigns and central banks Portfolio analysis Quantitative research
The steps of a government building.

Latest 5yr JCTB auction receives warm reception despite market volatility

18/07/2025

Latest Japan Climate Transition Bond auction offers a glimmer of hope

The steps of a government building.

直近の5年JCTB入札は市場のボラティリティにもかかわらず好意的な反応を得た

18/07/2025

Latest Japan Climate Transition Bond auction offers a glimmer of hope

Slovenia launches sovereign decarbonisation SLB

23/06/2025

SLB issuance is closely linked to the Slovenia’s decarbonisation pathway, showing continued commitment to sustainable finance.

Uruguay-ding light in Sovereign SLBs

20/06/2025

New data sheds light on sovereign’s climate progress

The steps of a government building.

Sustainability-Linked Bonds and Credit Enhancement: New Approaches for PDB Financing

22/05/2025

Agence Française de Développement (AFD) Research Paper

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Transition linkers

18/11/2024

A transition linker is a new form of performance-linked bond for investor, government, and general public interest transition alignment.

Thai government embarks on SLB journey

15/11/2024

The Thai government is set to issue its inaugural Sustainability-Linked Bond (SLB) – the first in the ASEAN region

The steps of a government building.

Sovereigns: climate performance and the cost of capital

25/10/2024

Comprehensive analysis evidences relationship between climate factors and sovereign credit risk

The Reformed SSA Trader: High ratings, high risks

22/10/2024

AAA/AA issuers slipping on climate: implications for bond investors 

The Montreal-West Virginia-Frankfurt price stability paradox

05/06/2024

The Bank of Montreal’s coal financing policy puts it at odds with the ECB

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

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