Sustainable

Finance Review
First Half 2022
REFINITIV
DEALS INTELLIGENCE
Sustainable Finance Review: Overview

SUSTAINABLE BONDS AND LOANS

Refinitiv’s Sustainable Finance Review is the most comprehensive view of sustainable
financing and advisory activity around the world. $350

$300
With its combination of both sustainable products and sustainable companies, Refinitiv Deals
Intelligence Sustainable Finance league tables are the first and only to adjoin these two $250
aspects of the market into one ranking. The rankings capture sustainability-related deals
$200
including green bonds (the result of a partnership with Climate Bonds Initiative to validate
transactions consistent with ICMA green bond principles), social bonds and sustainability- $150
linked bonds or loans, the use of sustainable proceeds, and companies operating in
sustainable industries to provide a complete view of total capital raising in support of $100
sustainable outcomes. $50

More information on the coverage universe and criteria can be found on page 13-14 of this $0
2018 2019 2020 2021 2022
review. For more coverage of global deal making, please visit
www.refinitiv.com/dealsintelligence. Sustainable Bonds ($bil) Sustainable Loans ($bil)

SUSTAINABLE EQUITY CAPITAL MARKETS SUSTAINABLE MERGERS & ACQUISITIONS

$25 35 $70 450

400
30 $60
$20 350
25 $50
300
$15 20 $40 250

15 $30 200
$10
150
10 $20
$5 100
5 $10
50
$0 $0
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
Sustainable ECM ($bil) Number of Issues
Sustainable M&A ($bil) Number of Deals

2 An LSEG Business
Sustainable Finance: Overview

First Half 2022 Highlights

Debt Capital Markets
• Sustainable Finance bonds totalled US$422.1 billion during the first half of 2022, a decrease of 23% compared to first half of 2021 and the first year-over-year decline since
records began. By number of issues, first half sustainable finance volume decreased 11% compared to the first half of 2021. Second quarter sustainable finance bonds decreased
9% compared to the first quarter of this year. Despite the quarterly proceeds decline, the second quarter of 2022 marks the sixth consecutive quarter to surpass US$200 billion
and over 400 issues. As a percentage of global debt capital markets proceeds, Sustainable Finance bonds accounted for a 9% of overall DCM activity during the first half of 2022,
down slightly from 10% a year ago.

• During the first half of 2022, Green bond issuance totalled US$232.7 billion, a 4% decline compared to 2021 levels and a two-year low. Despite a year-over-year decline from the
first quarter of last year, Green bond proceeds surpassed US$100 billion for the sixth consecutive quarter. By number of issues, 546 Green bonds were brought to market during
the first half of 2022, an decrease of 13% compared to a year ago and the lowest volume for a first half period since 2020.

• Social bond issuance totalled US$56.0 billion during the first half of 2022, a 60% decline compared to the first half of last year. Compared to the first quarter of 2022, Social bond
issuance fell 31% during the second quarter. By number of issues, social bond volume decreased 8% compared to a year ago.

• Sustainability bond issuance reached US$74.4 billion during the first half of 2022, a 26% decline compared to the first half of last year. The number of Sustainability bonds
decreased 18% compared to the first half of 2021 and a two-year low.

• Registering a 10% decrease compared to a year ago, Corporate issuers accounted for 63% of issuance during the first half of 2022, up from 53% a year ago. Corporate
Sustainable Finance bond offerings accounted for 11% of global corporate debt issuance during the first half of 2022, up from 10% a year ago. Agency and Sovereign issuers
accounted for 35% of overall activity during the first half of 2022, down from 44% of Sustainable Finance bond activity a year ago.

• European issuers accounted for the largest regional market for Sustainable Finance bonds with 52% market share during the first half of 2022, compared to 24% from the Asia
Pacific and 19% from Asia Pacific.

• BofA Securities took the top spot for Sustainable Finance bond underwriting with 5.4% market share during the first half of 2022, an increase of 0.8 market share points compared
to a year ago. HSBC and JP Morgan rounded out the top three bookrunners during the first half. The top ten Sustainable Finance bond underwriters comprised 42.9% of the
overall market during the first half of 2022, down from 46.3% a year ago.

3 An LSEG Business
Sustainable Finance: Overview

Syndicated Loans
• Sustainable lending totalled US$325.3 billion during the first half of 2022, an 11% decline compared to the first half of 2021 and a two-year low. The second quarter of 2022
registered an 18% increase compared to the first quarter of this year and a 20% decline compared to the second quarter of 2021. By number of issues, the first half of 2022 saw a
6% increase compared to the first half of last year.
• American borrowers accounted for 48% of overall sustainable lending during the first half of 2022, led by facilities for Hyundai Capital America, Welltower and America Electric
Power. Lending in Europe accounted for 34% of first half 2022 activity, the lowest first half percentage since records began, while Asia Pacific lending accounted for 15%.
• BofA Securities maintained the top spot for sustainable syndicated loan mandated arrangers during the first half of 2022, with 5.1% market share, an decrease of 1.4 market share
points, followed by JP Morgan with 4.3% and Mizuho Financial Group with 4.2%.

Equity Capital Markets

• Equity Capital Markets activity for sustainable companies totalled US$14.1 billion during the first half of 2022, a decrease of 42% compared to the first half of 2021 and a two-year
low. By proceeds, second quarter 2022 sustainable equity issuance decreased by 95% compared to the first quarter of this year, marking the slowest quarter for sustainable equity
capital markets since the first quarter of 2018. By number of issues, sustainable ECM offerings decreased 37% from a year ago.

• Asia Pacific accounted for 89% of overall equity capital markets activity during the first half of 2022, with four of the top 10 offerings of the half. Morgan Stanley, Goldman Sachs
and BofA Securities topped the list of bookrunners for sustainable equity offerings during the first half of 2022, registering a combined market share of 25%.

Mergers & Acquisitions

• Mergers & Acquisitions activity involving sustainable companies totalled US$90.6 billion during the first half of 2022, a 3% decline compared to the first half of 2021 and a two-year
low. Six hundred and seventy deals were announced during the first half of 2022, a 22% increase compared to a year ago and an all-time first half high. By number of deals,
China accounted for 18% of total sustainable deal making activity during the first half of 2022, followed by the United States (13%) and India (7%).

• There were two sustainable acquisitions by Special Purpose Acquisition Companies (SPACs) during the first half of 2022, accounting for 2% of first half deal value. SPAC
business combinations with sustainable companies totalled US$41.8 billion during the first half of 2021, or 45% of sustainable deal making a year ago.

• Based on deal making involving targets or acquirors operating in sustainable industries, JP Morgan led the advisory league tables during the first half of 2022, advising on 11 deals
valued at US$36.3 billion. Goldman Sachs, Morgan Stanley, Barclays and Centerview Partners rounded out the top five financial advisors.

4 An LSEG Business
Sustainable Finance: Debt Capital Markets
Sustainable Finance bonds totalled US$422.1 billion during the first half of 2022, a decrease of 23% compared to first half of 2021 and the first year-over-year decline since records began.
By number of issues, first half sustainable finance volume decreased 11% compared to the first half of 2021. Second quarter sustainable finance bonds decreased 9% compared to the first
quarter of this year. Despite the quarterly proceeds decline, the second quarter of 2022 marks the sixth consecutive quarter to surpass US$200 billion and over 400 issues.
During the first half of 2022, Green bond issuance totalled US$232.2 billion, a 4% decrease compared to year ago levels. Green Bonds, Sustainability Bonds and Social Bonds all
registered first half declines compared to a year ago, with Social bonds leading the decliners, down 60% compared to the first half of 2021. Bond issuance by Sustainable companies
increased 6%, by proceeds, compared to the first half of 2021 but decreased 3% by number of offerings.

SUSTAINABLE BOND QUARTERLY VOLUMES SUSTAINABLE BONDS BY TRANSACTION TYPE H1 2022 SUSTAINABLE BONDS BY REGION
$350 600 $140

$300 $120
500

$100
$250
400
$80
$200

300
$60
$150

200 $40
$100

$20
100
$50

$0
2016 2017 2018 2019 2020 2021 2022
$0
2016 2017 2018 2019 2020 2021 2022
Sustainable Company ($bil) Green Bond ($bil)

Sustainable Bonds ($bil) Number of Issues

Sustainability Bond ($bil) Social Bond ($bil)

5 An LSEG Business
Sustainable Finance: Debt Capital Markets
SUSTAINABLE BONDS BY ISSUER TYPE H1 2022 SUSTAINABLE BONDS: TOP CORPORATE DEALS
1H 2022 264.0 149.3 Proceeds Primary Use of Issue
Issuer Domicile Nation Macro Sector
($mil) Proceeds Date
1H 2021 291.8 244.5
$4,736.9 Bank Of China Ltd China Green Bond Financials 02/16/22
1H 2020 136.5 177.8 $2,340.8 China Development Bank China Green Bond Financials 01/18/22
$1,999.8 American Express Co United States Sustainability Financials 04/28/22
1H 2019 95.4 42.1
$1,878.9 China Development Bank China Green Bond Financials 03/29/22
1H 2018 52.4 37.4 $1,563.5 ING Groep NV Netherlands Green Bond Financials 05/16/22

1H 2017 39.6 29.9 $1,510.2 VZ Secured Financing B.V. Netherlands Refinancing Financials 01/06/22
$1,503.0 Ind & Coml Bk of China Ltd China Green Bond Financials 06/06/22
1H 2016
Corporate ($bil) $1,480.6 China Construction Bank Corp China Green Bond Financials 05/18/22
1H 2015 $1,415.1 Deutsche Bank AG Germany Refinancing Financials 02/16/22
Agency/Sovereign ($bil)
$1,413.1 ENEL Finance International NV Italy General Corp. Purp. Financials 01/10/22

SUSTAINABLE BONDS: ISSUER LEAGUE TABLE SUSTAINABLE BONDS: BOOKRUNNER LEAGUE TABLE
Rank Rank Mkt. Share Rank Rank Mkt. Share Mkt. Share
Issuer Proceeds ($mil) # Issues Bookrunner Proceeds ($mil) # Issues
H1 2022 H1 2021 (%) H1 2022 H1 2021 (%) Chg.
France 1 2 $35,863.2 8.5 16 BofA Securities Inc 1 7 $22,570.0 5.4 0.8 102
Germany 2 3 $16,824.5 4.0 11 HSBC Holdings PLC 2 3 $22,394.6 5.3 0.2 115
European Union 3 1 $13,942.5 3.3 3 JP Morgan 3 1 $22,283.9 5.3 -0.6 108
China Investment Corp 4 17 $11,157.1 2.6 11 BNP Paribas SA 4 2 $21,471.5 5.1 -0.8 116
World Bank 5 4 $9,173.7 2.2 24 Credit Agricole CIB 5 5 $17,642.6 4.2 -0.4 101
EIB 6 6 $8,511.6 2.0 7 Citi 6 4 $17,124.6 4.1 -1.0 108
Enel SpA 7 9 $7,548.1 1.8 3 Deutsche Bank 7 6 $16,253.6 3.9 -0.7 82
Japan 8 15 $7,256.4 1.7 31 Barclays 8 9 $14,730.8 3.5 -0.1 68
The Netherlands 9 19 $6,401.0 1.5 9 Societe Generale 9 10 $13,553.3 3.2 -0.1 53
Canada 10 30 $6,204.6 1.5 4 Goldman Sachs & Co 10 8 $12,375.5 2.9 -0.7 67
Chile 11 7 $5,987.0 1.4 2 Morgan Stanley 11 11 $12,229.5 2.9 -0.4 81
State Power Invest Corp Ltd 12 24 $5,157.1 1.2 20 Natixis 12 13 $9,130.4 2.2 -0.5 43
World Bank 13 16 $5,135.5 1.2 5 NatWest Markets 13 12 $9,085.5 2.2 -0.9 36
NextEra Energy Inc 14 18 $4,273.5 1.0 2 Mizuho Financial Group 14 25 $8,860.0 2.1 0.9 92
Austria 15 - $4,270.2 1.0 1 Nomura 15 18 $7,233.3 1.7 0.1 44
Industry Total $422,071.3 100.0 907 Industry Total $422,071.3 100.0 907
*Sustainable TRBC Codes, Transaction Type = 11 Transaction Types detailed on criteria page
6 An LSEG Business
Sustainable Finance: Debt Capital Markets
GLOBAL GREEN BONDS GLOBAL ESG BONDS
$140 400 $160

$120 350 $140

300 $120
$100
250 $100
$80
200 $80
$60
150 $60
$40 $40
100
$20 50 $20
$0 $0
2016 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022

Green Bonds ($bil) Number of Issues Sustainability Bond ($bil) Social Bond ($bil)

GLOBAL GREEN BOND BOOKRUNNER LEAGUE TABLE (GR01) GLOBAL ESG BOND BOOKRUNNER LEAGUE TABLE (GESG1)
Rank Rank Mkt. Share Mkt. Share Rank Rank Mkt. Share Mkt. Share
Bookrunner Proceeds ($mil) # Issues Bookrunner Proceeds ($mil) # Issues
H1 2022 H1 2021 (%) Chg. H1 2022 H1 2021 (%) Chg.
BofA Securities Inc 1 7 $12,380.9 5.3 1.9 58 BofA Securities Inc 1 7 $20,369.8 5.6 1.1 85
BNP Paribas SA 2 3 $11,579.9 5.0 -0.9 70 HSBC Holdings PLC 2 4 $19,607.4 5.4 0.2 96
JP Morgan 3 1 $10,701.2 4.6 -1.6 57 JP Morgan 3 2 $19,042.1 5.3 -0.5 87
HSBC Holdings PLC 4 5 $10,335.5 4.5 0.3 63 BNP Paribas SA 4 1 $17,958.3 5.0 -1.0 93
Credit Agricole CIB 5 4 $9,398.5 4.1 -1.1 63 Credit Agricole CIB 5 5 $15,764.7 4.4 -0.5 89
Citi 6 2 $8,798.5 3.8 -2.3 65 Deutsche Bank 6 6 $15,265.1 4.2 -0.7 74
Deutsche Bank 7 6 $8,275.2 3.6 -0.4 52 Citi 7 3 $14,771.2 4.1 -1.1 92
Barclays 8 8 $6,879.8 3.0 0.1 31 Barclays 8 8 $12,960.8 3.6 0.0 53
NatWest Markets 9 9 $5,686.6 2.5 -0.4 19 Societe Generale 9 9 $11,008.6 3.0 -0.6 40
Danske Bank 10 10 $5,498.4 2.4 -0.4 44 Goldman Sachs & Co 10 11 $10,331.1 2.9 -0.5 53
Societe Generale 11 12 $5,095.4 2.2 0.1 25 Morgan Stanley 11 12 $10,050.9 2.8 -0.5 67
Natixis 12 19 $5,033.8 2.2 0.6 28 NatWest Markets 12 10 $8,630.6 2.4 -1.1 34
Goldman Sachs & Co 13 11 $5,002.7 2.2 -0.3 35 Natixis 13 13 $8,385.5 2.3 -0.6 37
Bank of China Ltd 14 26 $4,962.6 2.1 1.0 54 Mizuho Financial Group 14 23 $6,892.1 1.9 0.7 73
Morgan Stanley 15 16 $4,574.8 2.0 0.3 35 Danske Bank 15 20 $6,700.5 1.9 0.4 48
Industry Total $232,170.4 100.0 546 Industry Total $362,523.6 100.0 757
Transaction Type = Green Bond Transaction Type = Green Bond, Sustainability Bond, Social Bond
7 An LSEG Business
Sustainable Finance: Syndicated Loans
Sustainable lending totalled US$325.3 billion during the first half of 2022, an 11% decline compared to the first half of 2021 and a two-year low. The second quarter of 2022 registered an
18% increase compared to the first quarter of this year and a 20% decline compared to the second quarter of 2021. By number of issues, the first half of 2022 saw a 6% increase
compared to the first half of last year.
American borrowers accounted for 48% of overall sustainable lending during the first half of 2022, led by facilities for Hyundai Capital America, Welltower and America Electric Power.
Lending in Europe accounted for 34% of first half 2022 activity, the lowest first half percentage since records began, while Asia Pacific lending accounted for 15%.

SUSTAINABLE LOANS QUARTERLY VOLUMES H1 2022 SUSTAINABLE LOANS BY BORROWER

$250 350
Speedbreak Bidco GmbH $6.4

300 Telefonica SA $6.3

$200
RWE AG $5.4
250
Trafigura Beheer BV $5.3
$150
200
Hyundai Capital America $5.2

Welltower Inc $5.2

150
$100
Viterra Fin Bv $5.1
100
American Electric Power Co Inc $5.0
$50
50 Intel Corp $5.0
Proceeds
($bil)
ProLogis $5.0
$0
2018 2019 2020 2021 2022
Sustainable Loans ($bil) Number of Issues

8 An LSEG Business
Sustainable Finance: Syndicated Loans
Q1 2022 SUSTAINABLE LOANS BY REGION H1 2022 SUSTAINABLE LOANS: TOP DEALS

Proceeds Closing
Borrower Domicile Nation Issuer/Borrower Sector
($mil) Date
$6,299.2 Telefonica SA Spain Telecommunications 01/13/22
$3,500.0 Constellation Energy Group Inc United States Energy and Power 02/01/22
$3,319.5 Speedbreak Bidco GmbH Germany Financials 03/31/22
$2,831.3 Cellnex Finance Co SAU Spain Telecommunications 01/18/22
$2,766.3 Speedbreak Bidco GmbH Germany Financials 03/31/22
$2,750.0 Public Svc Enterprise Grp Inc United States Energy and Power 03/08/22
$2,044.7 Axpo Holding AG Switzerland Energy and Power 02/07/22
$2,000.0 Schlumberger Holdings Corp United States Energy and Power 02/14/22

$2,000.0 S&P Global Inc United States Consumer Products 02/25/22

$1,997.0 BCI QuadReal Realty Canada Real Estate 03/28/22

SUSTAINABLE LOANS: MANDATED ARRANGER LEAGUE TABLE SUSTAINABLE LOANS: BOOKRUNNER LEAGUE TABLE
Rank Rank Rank Rank
Mandated Arranger Proceeds ($mil) Mkt. Share (%) Mkt. Share Chg. # Issues Bookrunner Proceeds ($mil) Mkt. Share (%) Mkt. Share Chg. # Issues
H1 2022 H1 2021 H1 2022 H1 2021
BofA Securities Inc 1 1 $16,510.8 5.1 -1.4 85 BofA Securities Inc 1 1 $19,905.5 7.3 -1.3 67
JP Morgan 2 2 $13,984.7 4.3 -1.0 75 JP Morgan 2 2 $16,638.9 6.1 -0.9 56
Mizuho Financial Group 3 5 $13,760.1 4.2 0.0 98 Wells Fargo & Co 3 8 $12,508.5 4.6 0.9 41
BNP Paribas SA 4 3 $12,958.4 4.0 -0.9 98 Credit Agricole CIB 4 5 $11,578.0 4.3 -0.3 54
Mitsubishi UFJ Financial Group 5 7 $12,052.0 3.7 0.0 75 Citi 5 4 $10,797.7 4.0 -0.7 38
Citi 6 4 $11,154.2 3.4 -1.2 61 Mitsubishi UFJ Financial Group 6 7 $10,125.1 3.7 -0.1 53
Credit Agricole CIB 7 6 $10,977.1 3.4 -0.4 92 Mizuho Financial Group 7 6 $9,648.1 3.6 -0.8 63
Wells Fargo & Co 8 10 $10,453.1 3.2 0.3 50 BNP Paribas SA 8 3 $9,429.2 3.5 -2.6 53
Sumitomo Mitsui Finl Grp Inc 9 9 $9,667.8 3.0 -0.3 85 Sumitomo Mitsui Finl Grp Inc 9 10 $8,948.9 3.3 -0.1 50
Societe Generale 10 11 $9,547.6 2.9 0.1 73 RBC Capital Markets 10 19 $8,228.3 3.0 1.3 31
RBC Capital Markets 11 19 $9,118.5 2.8 0.9 44 Societe Generale 11 12 $7,652.7 2.8 -0.1 38
Barclays 12 13 $8,296.3 2.6 0.0 43 Scotiabank 12 18 $7,572.8 2.8 0.9 22
Scotiabank 13 16 $8,262.1 2.5 0.4 37 TD Securities Inc 13 22 $7,425.3 2.7 1.3 26
HSBC Holdings PLC 14 8 $7,962.3 2.5 -0.8 63 BMO Capital Markets 14 23 $6,654.9 2.5 1.2 27
ING 15 15 $7,583.5 2.3 0.0 61 Barclays 15 16 $6,507.7 2.4 0.1 26
Industry Total $325,270.5 100.0 417 Industry Total $271,603.7 100.0 328

9 An LSEG Business
Sustainable Finance: Equity Capital Markets
Equity Capital Markets activity for sustainable companies totalled US$14.1 billion during the first half of 2022, a decrease of 42% compared to the first half of 2021 and a two-year low. By
proceeds, second quarter 2022 sustainable equity issuance decreased by 95% compared to the first quarter of this year, marking the slowest quarter for sustainable equity capital markets
since the first quarter of 2018. By number of issues, sustainable ECM offerings decreased 37% from a year ago.
Asia Pacific accounted for 89% of overall equity capital markets activity during the first half of 2022, with four of the top 10 offerings of the half. Morgan Stanley, Goldman Sachs and BofA
Securities topped the list of bookrunners for sustainable equity offerings during the first half of 2022, registering a combined market share of 25%.

SUSTAINABLE ECM QUARTERLY VOLUMES H1 2022 SUSTAINABLE ECM: TOP DEALS SUSTAINABLE ECM: BOOKRUNNER LEAGUE TABLE
$25 35 Proceeds Domicile Issue Mkt.
Issuer Sector Rank Rank Proceeds
($mil) Nation Date Bookrunner Share # Deals
H1 2022 H1 2021 ($mil)
South Energy and (%)
$10,749.4 LG Energy Solution Ltd 01/14/22
30 Korea Power Morgan Stanley 1 1 $1,360.0 9.6 4

$20 $1,572.5 Jinko Solar Co Ltd China High Technology 01/13/22 Goldman Sachs & Co 2 2 $1,173.9 8.3 2
BofA Securities Inc 3 7 $1,031.2 7.3 2
SolarEdge Technologies Energy and
25 $590.0 Israel 03/17/22 Shinhan Financial Group Ltd 4 - $986.8 7.0 2
Inc Power
Dynagreen Envi Energy and Daishin Securities Co Ltd 5* - $977.2 6.9 1
$373.8 China 02/23/22
$15 Protection Grp Power
Shinyoung Securities Co, Ltd 5* - $977.2 6.9 1
20
Mitsubishi Estate Citi 5* 3 $977.2 6.9 1
$207.3 Japan Real Estate 02/16/22
Logistics
HI Investment & Securities Co 5* - $977.2 6.9 1
15 United
$200.0 Hat Holdings I LLC Financials 04/13/22 KB Financial Group Inc 5* - $977.2 6.9 1
$10 States
Hana Financial Group Inc 5* - $977.2 6.9 1
Innergex Renewable Energy and
$135.1 Canada 02/22/22 Mirae Asset Daewoo Co Ltd 5* - $977.2 6.9 1
10 Energy Inc Power
China Securities Co Ltd 12 - $924.2 6.5 2
$5 $131.1 Zip Co Ltd Australia Financials 02/28/22
CITIC 13 6 $550.4 3.9 1
5 $125.0 Lhyfe SA France Materials 05/20/22 JP Morgan 14 8 $196.7 1.4 1
Energy and Oppenheimer Holdings Inc 15 48* $100.0 .7 1
$95.3 Enapter AG Germany 04/07/22
Power Industry Total $14,147.2 100.0 29
$0
2016 2017 2018 2019 2020 2021 2022
* Excludes SPACs
Sustainable ECM ($bil) Number of Issues

10 An LSEG Business
Sustainable Finance: Mergers & Acquisitions
Mergers & Acquisitions activity involving sustainable companies totalled US$90.6 billion during the first half of 2022, a 3% decline compared to the first half of 2021 and a two-year low. Six
hundred and seventy deals were announced during the first half of 2022, a 22% increase compared to a year ago and an all-time first half high. By number of deals, China accounted for
18% of total sustainable deal making activity during the first half of 2022, followed by the United States (13%) and India (7%).
Based on deal making involving targets or acquirors operating in sustainable industries, JP Morgan led the advisory league tables during the first half of 2022, advising on 11 deals valued
at US$36.3 billion. Goldman Sachs, Morgan Stanley, Barclays and Centerview Partners rounded out the top five financial advisors.

SUSTAINABLE M&A QUARTERLY VOLUMES H1 2022 SUSTAINABLE M&A: TOP DEALS

$70 450 Target

Value ($mil) Target Name Target Sector Acquiror Name Status Date
Nation
400 Energy and
$60 $21,704.2 Constellation Energy Corp United States Shareholders Completed 01/28/22
Power
350 Energy and
$12,796.0 Three Gorges Jinshajiang China China Yangtze Power Co Ltd Pending 06/30/22
Power
$50
300 $6,227.8 Ambuja Cements Ltd India Materials Endeavour Trade & Invest Ltd Pending 05/15/22

$40 Energy and

250 $3,000.0 Invenergy Renewables LLC United States Blackstone Infra Ptners Pending 01/07/22
Power

200 $2,743.5 Guangdong Constr Engineering China Industrials Guangdong No.2 Hydropower Pending 06/02/22
$30
Energy and
$2,731.5 Reden Solar SAS France Investor Group Completed 03/07/22
150 Power
$20 Energy and
$2,573.4 Albioma SA France Kyoto BidCo SAS Pending 04/28/22
Power
100
$2,566.1 Ambuja Cements Ltd India Materials Endeavour Trade & Invest Ltd Intended 05/15/22
$10
50
$1,705.6 CH-AUTO Technology Co Ltd China Industrials Mountain Crest Acq Corp IV Pending 05/02/22
$0 Energy and
2016 2017 2018 2019 2020 2021 2022 $1,600.0 Clearway Energy Group LLC United States TotalEnergies SE Pending 05/25/22
Power

Value ($bil) Number of Deals

11 An LSEG Business
Sustainable Finance: Mergers & Acquisitions

SUSTAINABLE M&A: H1 2022 NUMBER OF DEALS BY SUSTAINABLE TARGET M&A: FINANCIAL ADVISOR SUSTAINABLE TARGET OR ACQUIROR M&A: FINANCIAL
TARGET NATION LEAGUE TABLE ADVISOR LEAGUE TABLE

China 119 Rank Rank Mkt. Rank Rank Mkt.

Financial Advisor Value ($mil) # Deals Financial Advisor Value ($mil) # Deals
H1 2022 H1 2021 Share H1 2022 H1 2021 Share
United States 89 JP Morgan 1 10 $25,990.3 35.6 7 JP Morgan 1 10 $36,237.6 40.0 11
Goldman Sachs & Co 2 4 $24,735.7 33.9 3 Goldman Sachs & Co 2 4 $24,735.7 27.3 3
India 50 Morgan Stanley 3 3 $23,104.4 31.7 5 Morgan Stanley 3 3 $23,104.4 25.5 5
Barclays 4 7 $22,003.9 30.2 2 Barclays 4 7 $22,537.7 24.9 7
United Kingdom 41 Centerview Partners LLC 5 - $21,704.2 29.8 1 Centerview Partners LLC 5 - $21,704.2 24.0 1
CITIC 6 62 $14,289.3 19.6 3 CITIC 6 64 $17,032.8 18.8 4
Japan 31 Huatai Securities Co Ltd 7 56 $13,394.4 18.4 2 Huatai Securities Co Ltd 7 57 $13,394.4 14.8 2
Nomura 8 8 $4,014.2 5.5 3 BNP Paribas SA 8 37 $10,962.5 12.1 9
Spain 30 CIBC World Markets Inc 9 40* $3,686.0 5.1 3 Nomura 9 8 $4,331.9 4.8 4
Citi 10 1 $3,679.0 5.0 3 Perella Weinberg Partners LP 10 72* $4,019.6 4.4 2
Germany 27 Lazard 11 11 $3,549.9 4.9 7 Citi 11 1 $3,890.5 4.3 6
Rothschild & Co 12 15 $2,731.5 3.7 6 CIBC World Markets Inc 12 43* $3,686.0 4.1 3
France 25 Societe Generale 13 22 $2,573.4 3.5 2 Lazard 13 11 $3,549.9 3.9 7
BofA Securities Inc 14 2 $1,527.8 2.1 5 Rothschild & Co 14 15 $2,946.1 3.3 9
Italy 24 Jefferies LLC 15 67* $1,460.0 2.0 3 Societe Generale 15 24 $2,573.4 2.8 2
Industry Total $72,952.3 100.0 563 Industry Total $90,576.8 100.0 670
Brazil 16

20 40 60 80 100 120 140

12 An LSEG Business
Sustainable Finance: Contacts & Criteria

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Lucille Jones party content provider. Refinitiv disclaims all warranties, express or implied, as to the accuracy or completeness of any of the
[email protected] content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not
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[email protected] financial instruments, investments or products, including the buying or selling of securities. Refinitiv has not undertaken any
liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
ASIA PACIFIC:
Elaine Tan The Sustainable Finance league tables are based on Refinitiv’s standard league table criteria and screen across bond and loan
[email protected] transaction types and use of proceeds in parallel with companies with industry classifications deemed as sustainable using
proprietary TRBC industry codes.

Green Bonds league table classifications validated in partnership with Climate Bonds Initiative.

© 2022 Refinitiv. All rights reserved.

Additional Resources:
Refinitiv LPC’s Green Lending Review is a monthly publication covering Green, Sustainable and Positive Incentive Lending
Globally. To subscribe or to learn more, email us at [email protected].

13 An LSEG Business
Sustainable Finance: Contacts & Criteria

Industry Code TRBC Code Description UOP Code Description

5020101010 Renewable Energy Equipment & Services (NEC) 127 Energy Efficiency
5020101011 Wind Systems & Equipment 130 Environmental Protection Projects
5020101012 Stationary Fuel Cells 132 Green Bond Purposes
5020101013 Photovoltaic Solar Systems & Equipment 131 Green Construction
5020101014 Thermal Solar Systems & Equipment
120 Renewable Energy
5020101015 Biomass Power Energy Equipment
135 Self Certified Green
5020101016 Waste to Energy Systems & Equipment
134 Sustainability
5020101017 Hydropower Equipment
129 Waste and Pollution Control
5020101018 Wave Power Energy Equipment
5020101019 Renewable Energy Services 128 Water Efficiency and Sustainability
5020101020 Geothermal Equipment 104 Social
5020102010 Renewable Fuels (NEC)
5020102011 Biodiesel Transaction Type
5020102012 Ethanol Fuels Green Bond In partnership with Climate Bond Initiative
5020102013 Pyrolytic & Synthetic Fuels Sustainability Bond
5020102014 Biomass & Biogas Fuels Social Bond
5020102015 Hydrogen Fuel Blue Bond
5220301015 Carbon Capture & Storage
Forest Bond
5310101014 Electrical (Alternative) Vehicles
Catastrophe Bond
5320301014 Sustainable & Energy Efficient Home Builders
Pandemic Bond
5410201023 Organic Farming
Vaccine Bond
5910101014 Power Charging Stations
5910101020 Alternative Electric Utilities Water Bond
5910101021 Hydroelectric & Tidal Utilities Gender Bond
5910101022 Solar Electric Utilities SDG Linked Bond
5910101023 Wind Electric Utilities
5910101024 Biomass & Waste to Energy Electric Utilities
5910101025 Geothermal Electric Utilities
5910102010 Independent Power Producers (NEC)
5910102012 Renewable IPPs
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