Research archive

Here you can find all of the Institute's published papers to date.

The entries can be filtered by topic or sorted by newest or oldest. You can also use the search function above to locate a specific paper.

INWIT makes SLB debut

Posted 23/10/2025

TDC Net prints its seventh SLB

Posted 16/10/2025

Holcim SLB recalculation event

Posted 13/10/2025

Accor likely to miss SLB targets

Posted 09/10/2025

PIF, Aramco, and the Amazon

Posted 08/10/2025

Marfrig-BRF merger and PIF green bond deforestation engagement opportunity

Posted 06/10/2025

Axpo misses its SLB targets

Posted 06/10/2025

Transition linkers in Latin America

Posted 01/10/2025

Enel’s 'transition' from SLBs

Posted 30/09/2025

Twin bonds: recap ahead of Denmark’s EuGB issuance

Posted 19/09/2025

The Box: syndication fee league tables Q3 25

Posted 16/09/2025

Green nuclear dollar bonds from Japanese utilities

Posted 28/08/2025

The reformed SSA trader: Please shower before entering the pool

Posted 15/08/2025

Philippines: supercharging the transition

Posted 14/08/2025

Transition credit review: H1 2025

Posted 11/08/2025

Air France-KLM SLBs 2025 observation

Posted 05/08/2025

Biodiversity risks in government bond portfolios

Posted 24/07/2025

Latest 5yr JCTB auction receives warm reception despite market volatility

Posted 18/07/2025

A watershed year for the SLB market

Posted 15/07/2025

JBS new issuance after US listing

Posted 01/07/2025

Eni: a review of its SLBs

Posted 24/06/2025

Slovenia launches sovereign decarbonisation SLB

Posted 23/06/2025

Uruguay-ding light in Sovereign SLBs

Posted 20/06/2025

Airport SLBs: Heathrow at cruising altitude, Gatwick still taxiing

Posted 17/06/2025

The Box: syndication fee league tables Q2 25

Posted 16/06/2025

Legrand SLB: le grand objectif d’avoir un objectif

Posted 05/06/2025

The case for transition strategies in credit

Posted 04/06/2025

Pertamina methane abatement: a bond proposal

Posted 30/05/2025

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

Posted 22/05/2025

Green bond comeback: one month after “Liberation Day”

Posted 20/05/2025

Fossil bond holdings in sustainable funds

Posted 19/05/2025

Czech Point: ČEZ SLB observation date approaches

Posted 12/05/2025

POSCO: greener steel elsewhere

Posted 06/05/2025

Europcar SLB: driving transparency

Posted 28/04/2025

A2A: SLB missed target confirmed

Posted 24/04/2025

Czech it out: ČEZ returns to the SLB market

Posted 23/04/2025

Deforestation Debt: Q1 recap and outlook

Posted 22/04/2025

Green bond performance post Liberation Day

Posted 15/04/2025

Deforestation exposure in corporate bond ETFs

Posted 03/04/2025

LG Energy Solution – new issues come at a concession

Posted 26/03/2025

Ahold SLB review

Posted 17/03/2025

Marubeni benchmark issuance: engagement opportunity

Posted 14/03/2025

丸紅ベンチマーク発行:エンゲージメントの機会

Posted 14/03/2025

The Box: syndication fee league tables Q1 25

Posted 11/03/2025

⼀般担保後の資⾦調達機会︓関⻄電⼒

Posted 07/03/2025

Funding opportunities post ippan tanpo: Kansai Electric

Posted 07/03/2025

Mars: Raising standards

Posted 05/03/2025

ConocoPhillips: time to COP the consequences

Posted 05/03/2025

Japan Gas Utilities – LNG exposure creates risks for bondholders

Posted 27/02/2025

日本のガス公益事業 – LNG エクスポージャーは債券保 有者にリスクをもたらす

Posted 27/02/2025

Rebuilding confidence in the UK water sector

Posted 25/02/2025

DSM: to create brighter forests for all

Posted 18/02/2025

Kansai Electric: rare USD issuer with focus on nuclear

Posted 17/02/2025

関⻄電⼒︓原⼦⼒に重点を置く希少な⽶ドル建て発⾏体

Posted 17/02/2025

A2A goes for gold with an EU green bond

Posted 23/01/2025

Total eclipse of the 2050 net zero deadline

Posted 13/01/2025

Deforestation Debt Universe

Posted 07/01/2025

General Mills: lurking deforestation

Posted 17/12/2024

Sdiptech taps its SLB: 'call' to action

Posted 11/12/2024

The Box: syndication fee league tables Q4 24

Posted 10/12/2024

サステナビリティ・リンク永久債の展開

Posted 29/11/2024

European gas TSOs: one pipeline to transport them all

Posted 26/11/2024

San Miguel SLB: missed target efficiently digested

Posted 20/11/2024

Transition linkers

Posted 18/11/2024

Thai government embarks on SLB journey

Posted 15/11/2024

Developments in Sustainability-Linked Perpetuals

Posted 12/11/2024

Boparan: in the nature of Xover investors

Posted 29/10/2024

Sovereigns: climate performance and the cost of capital

Posted 25/10/2024

The Reformed SSA Trader: High ratings, high risks

Posted 22/10/2024

Why does it always rain on Thames Water?

Posted 21/10/2024

Deforestation exposure: Q2 & Q3 2024 issuance review

Posted 08/10/2024

London & Quadrant SLB: market update

Posted 07/10/2024

ConocoPhillips: a Marathon journey towards exclusion

Posted 30/09/2024

日本におけるサステナビリティ・リンク・ボンドの利用

Posted 30/09/2024

World Bank Amazon Reforestation Bond: Concession, financial risk, and complexity

Posted 23/09/2024

A review of Carrefour’s Sustainability-Linked Bonds

Posted 18/09/2024

The Box: syndication fee league tables Q3 24

Posted 17/09/2024

Sustainability-Linked Bond usage in Japan

Posted 16/09/2024

Glencore: A chance for fixed income engagement

Posted 21/08/2024

Jパワー 石炭火力発電所5基を閉鎖 (J-Power)

Posted 15/08/2024

Saudi debt summer splash: takeaways for investors

Posted 09/08/2024

J-Power(ing) down on five coal plants

Posted 30/07/2024

Autos transition risk pricing: Renault and Stellantis implications for EV adoption

Posted 29/07/2024

SLBs: a summary of 2024 targets

Posted 09/07/2024

Enel returns to the SLB market: per angusta ad augusta

Posted 21/06/2024

The Box: syndication fee league tables Q2 24

Posted 18/06/2024

Cargill’s EUDR compliance: risks of a soy-prise

Posted 14/06/2024

Thai Union meets its first SLB target: like shooting fish in a barrel

Posted 11/06/2024

The Montreal-West Virginia-Frankfurt price stability paradox

Posted 05/06/2024

POSCO plays Blast and loose with its decarbonisation commitment

Posted 23/05/2024

Public to private divestment in Asia: trends and best practice

Posted 21/05/2024

PPC: a Heraclean decarbonisation

Posted 14/05/2024

グリーンバックSLB:インパクト・スタンダーディゼーション・プロポーザル (Greenback SLBs)

Posted 10/05/2024

Buyers of long-dated oil bonds beware

Posted 07/05/2024

Enel SLBs: fortes fortuna juvat

Posted 26/04/2024

Deforestation exposure: Q1 2024 bond issuance review and bank syndication fees

Posted 25/04/2024

Proposal: South Korea USD new bond issuance

Posted 12/04/2024

L&Q Housing Trust SLB ‘builds’ in a coupon step-up

Posted 26/03/2024

bp and ConocoPhillips: a bond spread curve ball

Posted 26/03/2024

Coal divestment: AES’ Muong Dong 2 deal with Sev.en

Posted 25/03/2024

Enel SLBs: FY 2023 generation figures released

Posted 22/03/2024

Relative value is in the eye of the Ahold-er

Posted 18/03/2024

The Box: green/fossil fee league tables Q1 24

Posted 15/03/2024

JERA:野心的トランジションに向けた拡張SLBプロポーザル (JERA SLB)

Posted 13/03/2024

JERA: An enhanced SLB proposal for ambitious transition

Posted 29/02/2024

Adani's "Green" new issue

Posted 28/02/2024

Here we go Orlen: SLBs step back down

Posted 28/02/2024

The Forensic Carbon Accountant: Snam SpA SLB

Posted 26/02/2024

PPC: Coal decommissioning success impacts SLBs

Posted 19/02/2024

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)

Posted 15/02/2024

ConocoPhillips' Q4 2023 oil sands production breaches investment exclusion thresholds

Posted 13/02/2024

Transition power, a JGB SLB, prints in USD

Posted 07/02/2024

Adani’s SLB: Likely to meet its weak targets

Posted 06/02/2024

日産:SLB で期待をシフトする? (Nissan)

Posted 05/02/2024

STT GDC issues a Sustainability-Linked Perpetual

Posted 23/01/2024

ECB 2023 climate review of corporate bond portfolios

Posted 22/01/2024

日本製鉄グリーンボンド:最小限の戦略 (Nippon Steel)

Posted 19/01/2024

Nippon Steel green bonds: A bare minimum strategy

Posted 09/01/2024

McDonald’s deforestation footprint: We’re not lovin’ it

Posted 03/01/2024

RDCP: Deforestation exposure in liquid credit portfolios

Posted 22/12/2023

The Box: a tool for bank influence

Posted 20/12/2023

Auto manufacturers: Climate performance and the cost of capital

Posted 15/12/2023

Asia bank league table of green and fossil bond syndication fees

Posted 29/11/2023

Enel SLBs: Q3 results off-track for 2023 target

Posted 23/11/2023

Novartis SLB: twin bond divergence

Posted 22/11/2023

SLBs: a summary of 2023 targets

Posted 15/11/2023

Enel SLBs: market update

Posted 08/11/2023

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

Posted 31/10/2023

Enel SLBs: update on 2023 observation date

Posted 20/10/2023

Pilgrim's Pride: tender-ising the meat bond market

Posted 06/10/2023

Nordea SLLB: driving for a sustainability-linked future

Posted 02/10/2023

Le SLB d'Auchan, il change la vie?

Posted 22/09/2023

The Forensic Carbon Accountant: JBS SLB

Posted 21/09/2023

SLBs: no cal(l)amity

Posted 20/09/2023

Net green/fossil bond syndication league table - Sep 23

Posted 14/09/2023

EU deforestation law: fire on the horizon for soy traders

Posted 13/09/2023

Sustainability-Linked Bonds bumper week

Posted 11/09/2023

Port of Newcastle junked as debt wall approaches

Posted 08/09/2023

Minerva bond deal: beef up your due diligence

Posted 05/09/2023

Marfrig to Minerva asset sale: decoding the wood from the trees

Posted 01/09/2023

Indonesian coal mining - where is the funding coming from?

Posted 29/08/2023

ConocoPhillips crossing oil sands exclusion thresholds

Posted 16/08/2023

Chile's Peso SLB issuance

Posted 27/07/2023

UK Water company reports: it never rains but it pours

Posted 18/07/2023

Airport SLBs: clear for takeoff

Posted 18/07/2023

Chemicals sector: synthesising impact with SLBs

Posted 13/07/2023

Thames Water green bonds: all in the same puddle

Posted 04/07/2023

Offi-Chile the largest sovereign SLB issuer

Posted 29/06/2023

The Forensic Carbon Accountant: green bond carbon footprint

Posted 28/06/2023

Deutsche Post SLB: does it deliver?

Posted 27/06/2023

Sovereign SLB: an option for Japan's transition

Posted 19/06/2023

ソブリンSLB:日本の移行期における一つの選択肢 (an SLB option for Japan's transition)

Posted 19/06/2023

Bunge-Viterra merger: an ESG analysis

Posted 14/06/2023

The Box Jun 23

Posted 13/06/2023

Carrefour SLB: market update

Posted 07/06/2023

APAC coal divestments: debt investors hold the key

Posted 06/06/2023

Uruguay SLB: market update

Posted 05/06/2023

Sustainability-Linked Bonds: alternative steps

Posted 23/05/2023

Nobian SLB: a lot of hot air?

Posted 16/05/2023

Decarbonising iShares' JPM EMB ETF

Posted 11/05/2023

ICA Gruppen green bond: deforestation risk

Posted 10/05/2023

Greenback SLBs: an impact standardisation proposal

Posted 10/05/2023

Carrefour: 1 SLB, 2 KPIs, 3 Scopes of emissions included

Posted 02/05/2023

Arctic oil & gas: left out in the cold

Posted 26/04/2023

PIF: big on Aramco, big on green bonds

Posted 19/04/2023

Cargill: EUR bond, EU deforestation risk

Posted 14/04/2023

Performance review of FIONA portfolios: Q1 2023

Posted 14/04/2023

SLBs: complementary, my dear Investor

Posted 13/04/2023

Kunming-Montreal agreements: a bond perspective

Posted 05/04/2023

EQT Infrastructure investors and off-shore capital raising for Adani Group

Posted 05/04/2023

The arbitrage of a pipeline

Posted 03/04/2023

The Box Mar 23 (Credit Suisse/UBS update)

Posted 22/03/2023

The reformed SSA trader: A new-found dog

Posted 07/03/2023

Oil & Gas: climate performance and the cost of capital

Posted 06/03/2023

SLB triggers: what next if Nobian or PPC miss their targets

Posted 28/02/2023

BHP: think big with an SLB

Posted 23/02/2023

Adani Green/Ports and Carmichael funding exposures

Posted 14/02/2023

Big oil, small short

Posted 13/02/2023

Adani Enterprises and passive ESG index investors

Posted 10/02/2023

Paris-Aligned Benchmark ETFs: a performance and climate alignment review

Posted 09/02/2023

Enel SLB: market update on 2022 KPI observation

Posted 08/02/2023

GREENSAIF: a not-so-green, double-edged sword

Posted 06/02/2023

Nissan: shift expectations with an SLB?

Posted 05/02/2023

Adani Group: Investment Grade to High Yield risks

Posted 30/01/2023

Understanding dynamics between sustainable and traditional debt

Posted 26/01/2023

Adani Group: Bonds underperforming equities

Posted 25/01/2023

ECB climate policy and EUR bond dynamics

Posted 11/01/2023

ECB climate policy: Paradigm shift

Posted 10/01/2023

Air France-KLM: Come fly with SLBs

Posted 09/01/2023

Notable fixed income fossil funding deals 2022

Posted 22/12/2022

Decarbonising iShares' LQD ETF

Posted 15/12/2022

Net green/fossil bond syndication league table - Dec 2022

Posted 08/12/2022

One small step for Orlen, one giant leap for the SLB market

Posted 29/11/2022

A review of SLBs approaching KPI observation dates

Posted 17/11/2022

An option pricing approach for Sustainability-Linked Bonds

Posted 08/11/2022

Sembcorp: Carbon footprint arbitrage of a lifetime

Posted 06/11/2022

Tilt and run again - Bank of England is selling corporate bonds

Posted 04/11/2022

Notes on risk-neutral pricing of SLBs and step-down structures

Posted 25/10/2022

Environmental gilt

Posted 03/10/2022

No green ePIFany

Posted 29/09/2022

What if...the ECB had decarbonised its portfolio from the start?

Posted 20/09/2022

Net green/fossil bond syndication league table - Sep 2022

Posted 10/09/2022

MHI: The wrong kind of transition

Posted 06/09/2022

Bond investors and new Queensland thermal coal mines

Posted 29/08/2022

Auto bonds: Any colour so long as it is green

Posted 17/08/2022

JBS: A meaty SLB impact proposal

Posted 16/08/2022

Ace of Basis: Green cash-CDS basis to drive transition

Posted 01/08/2022

Enel: A case study in transition finance using SLBs

Posted 25/07/2022

SLB bond radar: Eni (potentially) coming to market

Posted 19/07/2022

Tilt and Run: ECB climate policy update

Posted 05/07/2022

The Reformed SSA Trader: Kreditanstalt Fossil Wiederaufbau?

Posted 01/07/2022

Market update: Recent performance on high carbon emitters in CSPP

Posted 27/06/2022

Swedish RE Bond Blowup: Not a green issue

Posted 27/06/2022

Net green/fossil bond syndication league table - June 2022

Posted 23/06/2022

Wind-down (of CSPP) is coming

Posted 08/06/2022

SFDR subsidiary ESG disclosures: ESMA clarifications

Posted 03/06/2022

ESG Bond ETFs: Passive aggressive investing?

Posted 17/05/2022

Low carbon credit performance: Mayday or opportunity?

Posted 05/05/2022

Chile sustainability-linked bond: Optionality analysis

Posted 05/04/2022

Woodside/CSIRO and Australia climate FI comments

Posted 23/03/2022

UnFortumate: iTraxx Main S35 vs ESG version

Posted 16/03/2022

SUEK: downgrades, index expulsion, coupon payments?

Posted 11/03/2022

Update on Russian coal miner SUEK’s new USD bonds

Posted 24/02/2022

Shell long-end USD bonds: Smoked not smoking

Posted 18/02/2022

Abbott Point bonds go 10/90: Coal refi bellwether?

Posted 17/02/2022

New EIG/Aramco bonds in ESG indices: EOM flow risks

Posted 15/02/2022

Sri Lanka: restructuring with biodiversity links?

Posted 10/02/2022

Oil, gas and bond pipelines: the case of Aramco/EIG/BLK

Posted 05/02/2022

SSA carbon exposures: JBIC New Year's announcement

Posted 11/01/2022

Net green/fossil bond syndication league table 2021

Posted 10/01/2022

Anthropocene Fixed Income Market Themes 2022

Posted 30/12/2021

Notable fixed income fossil funding deals 2021

Posted 21/12/2021

Operation Private Markets: A Bridge CO2 Far

Posted 16/12/2021

Shell-shocked: a whale trade in corporate bonds

Posted 01/12/2021

Glencore: implications for iTraxx investors

Posted 30/11/2021

Coal funding premia: Port of Newcastle USD deal

Posted 19/11/2021

Green bonds duration risk review

Posted 16/11/2021

Arbitraging before the ink has dried

Posted 08/11/2021

Short selling has a role in the road to net zero

Posted 25/10/2021

SUEK calls force majeure: bank and bond investor implications?

Posted 14/10/2021

Low carbon credit performance: equity and rates sell-off update

Posted 08/10/2021

Market opportunity: Indian (green) bond issuance in EUR

Posted 30/09/2021

Trading climate opportunities in the Chinese bond market

Posted 25/09/2021

Net green/fossil bond syndication league tables

Posted 23/09/2021

The Box

Posted 14/09/2021

Mexiconvexity: Credit, IMF, Pemex

Posted 08/09/2021

Banking on coal: SUEK bond review

Posted 02/09/2021

Back to the grind: Low carbon credit performance

Posted 01/09/2021

Woodside Petroleum vs iTraxx Australia

Posted 18/08/2021

Carbon negative leveraged investment strategies

Posted 12/08/2021

"Passive" money and new thermal coal mine builds

Posted 29/07/2021

Fidelity and the oil sands pudding

Posted 28/07/2021

Adani and what could be the world's coolest SLB

Posted 14/07/2021

Enbridge oil sands SLB - participation trophy alert

Posted 23/06/2021

ESG engagement and XL AUM growth

Posted 10/06/2021

California flarin'

Posted 09/06/2021

Pump. Dump. Socialism.

Posted 02/06/2021

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

Posted 01/06/2021

Exxon capital structure arbitrage/impact trade idea

Posted 21/05/2021

Total/Equinor climate risk CDS trade: IEA update

Posted 19/05/2021

Credit investors, rating agencies and climate: Exhibit 1

Posted 14/05/2021

Petrochemicals: Major credits, carbon risks, green bonds

Posted 10/05/2021

"Peak greenwashing"

Posted 06/05/2021

Lipstick on a pig: NAB's sustainability loan to coal

Posted 04/05/2021

The oil rally and low carbon credit performance

Posted 21/04/2021

A lignite revolver? New EPH loan deal comment

Posted 03/04/2021

Blackpink or BlackGold? Short KNOC notes

Posted 29/03/2021

Low carbon credit performance in a 400% oil rally

Posted 24/03/2021

Tar sand new issue alert: Korea National Oil Corporation

Posted 24/03/2021

The Reformed SSA Trader: "Be aware of" ideas of March

Posted 12/03/2021

Bond portfolio fossil exposure review: PFA Pension

Posted 06/03/2021

Zero new coal mine financing? EQT infrastructure investors and Carmichael

Posted 02/03/2021

Short Total. Long Equinor (and/or iTraxx ESG)

Posted 02/03/2021

EQT and Adani Enterprises: Some ESG questions

Posted 24/02/2021

Brookfield: Coal and ESG mix like oil and water

Posted 11/02/2021

Coal, coup, CDP and credit: Adani Ports update

Posted 09/02/2021

Green reputation hijacking: how multilateral green credit lines are used for Carmichael purposes

Posted 05/02/2021

Wall St Bets, Keynes, BaFin, Fink and climate change shorts

Posted 31/01/2021

Low carbon credit performance 2015-2020

Posted 27/01/2021

Biden and the oil sand vanguard: Inaugural credit action

Posted 23/01/2021

The Reformed SSA Trader: New Year's Exclusions

Posted 10/12/2020

Private equity investment engagement and carbon foot-printing: A real-time case study

Posted 10/12/2020

Having State Bank Carmichael coal exposure?

Posted 10/12/2020

So long. Farewell. xAuf Wiedersehnx. Adieu.

Posted 02/12/2020

How green bond markets are (not) supposed to work

Posted 25/11/2020

SBI (potential) Carmichael loan: Key financing transaction parties

Posted 23/11/2020

State Bank of India and Coal Mega-Mine? Not so fast please

Posted 18/11/2020

Your AMs/PMs want to buy new Saudi Aramco bonds? Have them consider alternatives

Posted 17/11/2020

Final port of coal? The Brookfield Dalrymple IPO

Posted 16/11/2020

The bond market and the climate transition

Posted 01/11/2020

The ECB and Alberta's oil production tax holiday

Posted 26/10/2020

Reef Credits: An Indulgence

Posted 22/10/2020

An ECB Rapid Decarbonisation Plan

Posted 20/10/2020

Low carbon credit performance: 2020 Q3 update

Posted 13/10/2020

Dalrymple of Queensland and the Mighty Greenwash

Posted 29/09/2020

Global investors and the Carmichael mega-mine

Posted 01/09/2020

Hard coal auction

Posted 28/08/2020

ESG in CDS indices

Posted 14/08/2020

Top coal, top ESG?

Posted 29/07/2020

Green Bond Risk Premiums: A Twin-Bond ULFP Approach

Posted 02/06/2020