Sustainable Finance


Q4 2021 represented another quarter of intense SPO activity. Some 30 issuances have been supported by ISS’ ESG team, including some landmark transactions:

Newmont Corporation
Teva Pharmaceuticals
The Republic of Latvia

The success of our clients reflects the overall dynamism of the market, which reached almost $1 trillion in annual issuances (according to ICMA on Environmental Finance data), with green bonds representing about 50% of the overall market volume, and sustainability-linked bonds corresponding to just under 10% of overall issuances. The $1 trillion threshold seems destined to be exceeded once and for all in 2022, with many market players forecasting higher volume this year.

Regarding regulation, some of the many innovations we have seen introduced in recent years will find their first application in 2022. For example, large EU corporates will have to report the percentage of eligible activities aligned with the EU Taxonomy for sustainable activities for the first time. This inaugural exercise will also provide interesting data on those bond issuers claiming to be aligned with the EU Taxonomy. Further discussions that are also taking place on the inclusion of gas and nuclear in the Taxonomy and the Common Ground Taxonomy (the exercise finding common ground between the EU and Chinese taxonomies) will provide a broader context for development in the international sustainable finance landscape.

*By way of background, ISS Corporate Solutions (ICS) works in collaboration with ISS ESG, the responsible investment arm of Institutional Shareholder Services, as the distributor of SPOs. While the SPOs are sold and distributed by ICS, the analytical work to prepare and issue SPOs is performed by ISS ESG.



Join ISS Corporate Solutions for critical discussions this month in a series of events with great leaders in the Sustainable Finance space.

Sustainable Finance & ESG Invest from Niche to Mainstream. Compliance with SFDR & EU Taxonomy, Integration of ESG in your firm’s Strategy

Join ICS’ Federico Pezzolato for a discussion on green and social bond structuring and the links between sustainable funding and sustainability strategy of issuers. Register here.

As external reviewers, ISS ESG has delivered over 390 SPOs according to rigorous and well-respected standards. Below is a summary of our client successes in Q4 2021.

Issuer Sector Type Country
Société Générale Financials/Commercial Banks and Capital Markets Sustainability-Linked Financing Instruments FR
Faurecia S.E. Auto Components Sustainability-Linked Securities FR
JBS S.A. Food Products Sustainability-Linked Securities BR
Teva Pharmaceuticals & Biotechnology Sustainability-Linked Financing Instruments IL
Fortescue Metals Group Mining & Integrated production Green and Social Financial Instruments AU
Henkel Chemicals Sustainable Finance Framework DE
VIA Outlets Real Estate Green Bond NL
Lime Residential, Ltd. Financials Green Asset-Backed Notes US
Nassauische Heimstätte Real Estate Green, Social and Sustainability Bond DE
Allbirds, Inc. Textiles & Apparel Equity Offering US
Latvia Sovereign Issuer Sustainability Bond, Green Bond, Social Bond LVA
Snam SpA Gas and Electricity Network Operators Sustainability-Linked Bonds and EU Taxonomy Aligned Bonds IT
Atenor Group S.A. Real Estate Green Bond BE
TransMilenio Transport Sustainable Financing CO
Holcim Construction materials Sustainability-Linked Bonds CH
Kerry Group Food products Sustainability-Linked Bonds IE
LANXESS AG Chemicals Sustainability-Linked Instruments DE
JBS USA Lux S.A. Food Products Sustainability-Linked Bonds US
Covanta Water and Waste Utilities Sustainability-Linked Instruments US
Stedin Group Gas and Electricity Network Operators Green Financial Instruments NL
YA Holding AB Education Services Sustainability-Linked Bonds SE
Klappir Software & Diversified IT Services Green Instruments IS
Credito Emiliano S.p.A. Commercial Banks & Capital Markets Green, Social and Sustainability Bonds IT
Matexi NV Construction Green Finance Instruments BE
Elia Transmission Belgium Gas and Electricity Network Operators Green Finance Instruments BE
Sanofi Pharmaceuticals & Biotechnology Sustainability-linked Bonds FR
ING Bank Hipoteczny S.A. Commercial Banks & Capital Markets Green Bond PL
Green Lucca Renewable Electricity Green Bond IT
Newmont Corporation Mining and Integrated Production Sustainability-Linked Bonds US
Baring Private Equity Asia Private Equity Sustainability-Linked Subscription Facility HK

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