Sustainable Finance


The SPO team delivered over 40 external reviews in the second quarter, including some innovative transactions:

Republic of Austria

Turning to regulation and market standards development, the ICMA announced a series of updates and new tools during the latest Green Bond Principles Annual General Meeting. These include:

  • New definitions for green and social securitizations clarifying terminology and market practice, notably for collateral
  • A new registry of approximately 300 key performance indicators (KPIs) for Sustainability-Linked Bonds that classifies the KPIs by sector and provides guidance on the core or secondary nature of the indicators
  • Last but not least, the ICMA’s Guidelines for External Reviews have been updated to support the assessment of alignment with the existing Climate Transition Finance Handbook (CTFH)

At the EU level, talks with the trialogue continue on the EU Green Bond Standard (GBS) draft, with the adoption of the legislative text expected by the end of this year. While many elements of the standard remain open, including its voluntary nature, the European Parliament has already given a clear indication about its idea of “green” projects, by approving gas and nuclear eligibility for inclusion in the EU Taxonomy. This underscores the new dilemma of our times, in which sustainability and energy security appear to clash amid geopolitical tensions, such the Russian invasion of Ukraine.


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“We are grateful for the confidence and support demonstrated by our clients and market players,” said ISS Corporate Solutions’ Associate Director and Business Manager for Sustainable Finance and Lending services, Federico Pezzolato. “We would like to share our success with all our clients, and congratulate our partners whose efforts have been acknowledged in various categories.”

  • Holcim – Most Impressive SLB issuer category
  • Germany and Italy – Most Impressive Government Green/SRI Bond issuer category
  • BNG Bank and Munifin – Most Impressive Agency Green/SRI Bond Issuer
  • North-Rhine, Hessen – Most Impressive Local Government Green/SRI Bond Issuer
  • SocGen, Berlin Hyp, AIB – Most Impressive Financial Institution Green/SRI Bond Issuer
  • Vonovia – Most Impressive Corporate Green/SRI Bond Issuer
  • First Abu Dhabi Bank – Most Impressive CEEMEA Green/SRI Bond Issuer
  • Suzano – Most Impressive Latin American Green/SRI Debt Issuer


ISS Corporate Solutions is pleased to announce a new hire to its global Sustainable Finance and Lending team.


Salima Kettani, Vice President, has joined our Sustainable Finance Business Development team, covering Benelux, Middle East, Africa, and Turkey. Salima comes from Bank of America where she was a Debt Capital Markets banker in the Middle East, Africa & Turkey origination, structuring and financing team, focusing on international bond transactions for Corporate, Financial Institution and Sovereign issuers. Salima also worked as a Corporate Banker at Bank of America. Prior to Bank of America, Salima held various investment banking positions at Nomura, Natixis and Credit Suisse.

She holds a MSc in Risk Management and Financial Engineering from Imperial College London and a MSc in Finance from Pantheon Sorbonne University in Paris.

As external reviewers, the SPO team have delivered over 470 SPOs according to rigorous and well-respected standards. Below is a summary of our client successes in Q2 2022.

Issuer Sector Type Country Month
Mediobanca Commercial Banks & Capital Markets Sustainable Finance Instruments IT 22-Apr
GLP Pte. Ltd Real Estate Sustainability-Linked Bonds SG 22-Apr
Republic of Austria Sovereign Green Securities AT 22-Apr
ING Groep NV Commercial Banks & Capital Markets Green Bonds NL 22-Apr
Finance of America Reverse LLC Mortgage & Public Sector Finance Social Bonds US 22-Apr
DS Smith Packaging Green Financial Instruments UK 22-Apr
MG Real Estate Real Estate Green Finance Instruments BE 22-Apr
Sehlhall Fastigheter Real Estate Sustainable Financing Instruments SE 22-Apr
Acea Spa Multi-utilities Green Bond Report IT 22-Apr
DKB Deutsche Kreditbank AG Public & Regional Banks Green & Social Bonds DE 22-Apr
Berlin Hyp Mortgage & Public Sector Finance Social Bonds Financing Instruments DE 22-Apr
Kantonsspital Aarau AG Health Care Facilities and Services Green Bonds CH 22-Apr
Intervest Offices & Warehouses Real Estate Green Bond BEL 22-May
Helaba Public and Regional Banks Impact Reporting DE 22-May
Biotech Listings Food Product Green Bond MY 22-May
SBB Real Estate Impact Reporting SE 22-May
State of North Rhine-Westphalia Sub-Sovereign Sustainability Bond DE 22-May
Huhtamaki Oyj Packaging Sustainable-Linked Bonds FI 22-May
Pepper Money Limited Mortgage & Public Sector Finance Social bonds AU 22-May
OTP Group Commercial Banks & Capital Markets Sustainable Finance Instruments HU 22-May
Van Lanschot Kempen N.V. Asset Management & Brokerage Green Bond NL 22-May
Kinetik Holdings LP Oil & Gas Storage & Pipelines Sustainability-Linked Financing instruments US 22-May
Republic of Italy Sovereign Green Bond Report IT 22-May
Credito Emiliano Commercial Banks & Capital Markets Green Bond Report IT 22-May
Credito Emiliano Commercial Banks & Capital Markets Green, Social and Sustainability Bonds IT 22-May
Bayerische Landesbank Public and Regional Banks Sustainable Financing Instruments DE 22-May
Raiffeisen Bank Czech Republic Commercial Banks & Capital Markets Sustainable Finance Instruments CZ 22-May
BNP Paribas Commercial Banks & Capital Markets Green Bonds FR 22-May
Zürcher Kantonalbank Public & Regional Banks Green Bond CH 22-May
ASML Semiconductor Equipment Green Bonds NL 22-May
Urssaf Caisse Nationale Specialized Finance Social NEUCPs and ECPs FR 22-Jun
Nordea Bank Abp Commercial Banks & Capital Markets Sustainability-Linked Loans Funding Instruments FI 22-Jun
ALD Automotive Green and Positive Impact FR 22-Jun
Cassa Depositi e Prestiti Development Banks Social Bond Report IT 22-Jun
Romande Energie Electric Utilities Green Finance Securities CH 22-Jun
In’li Real Estate Green Finance Instruments FR 22-Jun
TUHF Limited Mortgage & Public Sector Finance Social Bonds ZA 22-Jun
Energie Burgenland Electric Utilities Impact Reporting AT 22-Jun
Metso Outotec Oyj Construction and Farm Machinery Sustainability-linked Finance Instruments FI 22-Jun
Covestro Chemicals Green Financing Instruments DE 22-Jun
Kanton Basel-Stadt Sub-Sovereign Social Bonds CH 22-Jun
Helaba Public and Regional Banks Sustainable Lending Framework DE 22-Jun

*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.


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