‘Q1 roundup 2/3: Underwriter league table for Q1 – SEB out in front followed closely by, Morgan Stanley, Credit Agricole and DB’

Jay OwenGreen Prosperity

Climate Bonds has posted a new item, ‘Q1 roundup 2/3: Underwriter league table for Q1 – SEB out in front followed closely by, Morgan Stanley, Credit Agricole and DB

By Bridget Boulle

As part of our Q1 roundup, here is the league table of the largest underwriters in 2014 so far. With USD9bn of issuance to date, it’s been a BIG and there are plenty more deals to come.

SEB is still the bank to beat, out in front with over a billion underwritten (this is their share of the total bonds they’ve been involved with). SEB deals have included development banks such as the Export Development Bank of Canada and EIB as well as corporate bonds – they were sole bookrunner for the two Swedish corporate green bonds – Vasakronan and SCA.

Following closely on SEB’s heels are Credit AgricoleMorgan Stanley and Deutsche Bank all with more than USD800m.

Credit Agricole (CA) and morgan stanley (MS) are regulars in our league table top 5’s, both appearing in the top echelons of the 2013 league table. Both have been involved in development bank deals and corporate deals with CA on the Unibail-Rodamco bond and MS on the Unilever bond. Credit Agricole also have a number of their own smaller retail green bond details which they are the bookrunner for.

Deutche Bank did not appear on the 2013 league table so are the biggest mover of the group (they did underwrite green bonds before 2013 so appeared on our all years table). They have been on development bank (EIB, EBRD) and corporate bond deals (Unilever).

q1 14 league table

To put these figures in context, here is our updated ‘all time’ league table top 20 which includes all green bonds (on our records) from 2007 up to end of Q1 including those that have already matured (we realise that this is a fairly unusual way of doing a league table but it gives an idea of the market from 2007 until now). In this table, JPM and BAML join the top 5 while DB is a way down the list having not been active in 2013. For more context as well as some notes and caveats around our league tables, see our 2013 league tables.

 league table to date

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You may view the latest post at http://www.climatebonds.net/2014/04/q1-roundup-23-underwriter-league-table-for-q1-seb-out-in-front-followed-closely-by-morgan-stanley-credit-agricole-and-db/