For the second year running, BNP Paribas won the Loan sustainability coordinator of the year, and added Lead manager of the year, sustainability bonds – sovereign; Lead manager of the year, sustainability bonds – supranational, sub-sovereign and agency (SSA) to its set of award wins.

Over the year, BNP Paribas was the topped ranked sustainability book runner by volume, number of deals and market share in the Europe, Middle East and Africa (EMEA) region, according to Dealogic. It is also in the top three global green, social, sustainability coordinator, by number of deals.

The bank participated in seven of the 10 largest European sustainable loan transactions of 2023, as the EMEA region again dominated the market, accounting for half of the world's total issuance. It remained a contributor to the development of the market in terms of disclosure and best practices as it contributed to the Loan Market Association (LMA) best market practice documents published throughout the year.

BNP Paribas is a "global leader in sustainable finance," commented one Sustainable Debt Awards judge adding that the "commitment at the corporate level is impressive".

"Provided strong supporting evidence around leadership position and highlighted key transactions led during the year," added another. "Continues to innovate and move the market forward."

For SSA deals, BNP Paribas highlighted three significant sustainability bonds as it pivoted its strategy towards a low-carbon economy and away from fossil fuels in the first half of 2023.

The first of these was the Inter-American Development Bank (IADB) £400 million ($518 million) seven-year sustainable development bond. The bond aimed to reduce poverty and inequalities in Latin America and the Caribbean by promoting economic and social development in a sustainable, climate-positive way.

The World Bank's International Bank for Reconstruction and Development also came to market with a €3 billion ($3.2 billion) sustainability bond, its largest euro-denominated bond for two years, followed by a €2 billion issue. Finally, the International Development Association (IDA) priced a $2.5 billion five-year sustainable development bond, the IDA's first USD issuance in over two years.

For sovereign issues, two deals stood out. Firstly, BNP Paribas was sole sustainability structuring advisor on Slovenia's largest sovereign sustainability bond, a €1.25 billion 10-year offering. It was the first deal issued under the country's newly updated Sustainability Bond Framework.

The framework looks to support government investments in the transition to a low-carbon and circular economy, the sustainable management of natural resources, social goals across housing, education and healthcare. It also aims to increase awareness and ultimately a gradual alignment with the EU taxonomy across ministries.

The second saw BNP Paribas serve as joint book runner on an inaugural sustainable local issue by Mexico, a MXN$23 billion ($1.4 billion) offering. This was done under Mexico's Sovereign Bond Framework and tried to open up ESG financing opportunities for local issuers.

A Sustainable Debt Awards judge commended BNP Paribas for being "involved in numerous industry efforts to evolve the sustainable finance space and willing to work on new and unique structures".