---
title: Sustainability and Social Bonds Break Records
description: JP Morgan moved into the top spot for sustainable finance bond underwriting.
image: https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/europe-leads-sustainable-investing-May-12-2022-09-34-29-85-AM.jpg
---

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 10.12.2021

 By Shanny Basar

 Banks

# Sustainability and Social Bonds Break Records

 10.12.2021 By Shanny Basar

![Sustainability and Social Bonds Break Records](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/europe-leads-sustainable-investing-May-12-2022-09-34-29-85-AM.jpg)

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**Debt Capital Markets**

- **All-time record:** Sustainable Finance bonds totaled US$777.6 bn during the first nine months of 2021, an increase of 57% compared YoY 
    - During 21Q3, overall Sustainable Finance bonds totaled US$229.9 bn, a 12% decreased compared to 21Q2, but marks the third highest quarterly total for Sustainable Finance bonds by proceeds and number of issues since our records began in 2015
- **All-time first half:** During the first nine months of 2021, Green bond issuance totaled US$365.2bn, more than double 2020 levels 
    - Green bond proceeds surpassed US$100 bn for the third consecutive quarter
    - By number of issues, Green bonds declined 22% compared to 21Q2, which ranked as the largest all-time largest quarter for Green bond issuance, by volume
- The Sustainability and Social bond categories each set **all-time records during the first nine months of 2021** 
    - Social bond issuance totaled US$31.1bn during 21Q3, a 36% decline compared to 21Q2
    - For first half 2021, Social bond issuance totals US$171.6bn, a 96% increase compared to 2020 levels and an all-time record
    - By number of issues, social bond volume has increased 42% compared YoY

**Syndicated Loans**

- Sustainable lending totaled US$448.6bn during the first nine months of 2021, **more than tripling YoY levels and setting an all-time first nine-month record**
- 21Q3 registered a 52% decrease compared to 21Q2, which ranked as the largest quarter for sustainable lending since records began in 2018

 

- **Overall sustainable lending during the first nine months of 2021:** European borrowers accounted for 43% led by facilities for Italy’s Enel SpA and Belgium’s Interbrew-Simba; Americas accounted for 43% (the highest percentage since records began), while Asia Pacific accounted for 10%
- **BofA Securities moved into the top spot for sustainable syndicated loan mandated arrangers during the first nine months of 2021, with 6.2% market share, an increase of 4.1 market share points** 
    - Followed by JP Morgan (5.0%) and BNP Paribas (4.7%)

**Equity Capital Markets**

- **All-time first nine month record:** ECM activity for sustainable companies totaled US$28.5bn during the first nine months of 2021, an increase of 48% compared YoY
- By proceeds, 21Q3 sustainable equity issuance declined 60% compared to 21Q2, the slowest quarter for sustainable ECM issuance since 20Q2; By number of issues, sustainable ECM offerings declined 5% from 21Q2
- **Overall ECM activity during first nine months of 2021:** Asia Pacific accounted for 40%; Americas 37%
- **Top bookrunners for sustainable equity offerings during first nine months of 2021: **Morgan Stanley, Goldman Sachs and JP Morgan registering a combined market share of 28%.

**Mergers & Acquisitions**

- **All-time high & nearly 3x 2020 levels**: M&A activity involving sustainable companies totaled US$136.1bn during the first nine months of 2021
- **44% increase compared YoY: **798 deals were announced during first nine months of 2021
- **Number of deals**: China accounted for 27% of total sustainable deal making activity during the first half followed by the United States (13%), India (7%) and Italy (5%)
- Sustainable acquisitions by SPACs totaled US$63.0bn, or 46% of total announced M&A activity during the first nine months of 2021
- Based on deal making involving targets or acquirors operating in sustainable industries: 
    - **Citi led the advisory league tables for the first nine months of 2021, advising on 22 deals valued at US$55.2bn**
    - Goldman Sachs and Guggenheim Securities rounded out the top 3 financial advisors

- - Sustainability bond issuance reached US$45.2bn 21Q3, a 10% decrease compared to 21Q2
    - During the first nine months of 2021, Sustainability bonds totaled US$144.5bn, **up 54% compared YoY**
    - The number of Sustainability bonds **increased 112%** during the first nine months of 2021
- Agency and Sovereign issuers accounted for 41% of overall activity during the first nine months of 2021, down from 53% of Sustainable Finance bond activity YoY
- Registering **a 93% increase YoY**, Corporate issuers accounted for 57% of issuance, up from 46% during the first nine months of 2020.  Corporate Sustainable Finance bond offerings accounted for a record 11% of global corporate debt issuance during the first nine months of 2021, up from 5% YoY
- European issuers accounted for the largest regional market for Sustainable Finance bonds with 56% market share during the first nine months of 2021, compared to 21% from the Americas and 19% from Asia Pacific

- **JP Morgan moved into the top spot for Sustainable Finance bond underwriting with 6.4% market share during the first nine months of 2021, an increase of 1.2 market share points compared YoY** 
    - BNP Paribas and Citi rounded out the top three underwriters
    - The top ten Sustainable Finance bond underwriters comprised 47.1% of the overall market during the first nine months of 2021, up from 40.3% a year ago

Source: Refinitiv

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