Research archive

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