Environmental Finance's Sustainable Debt Awards 2025

Lead manager of the year, social bonds - supranational, sub-sovereign and agency (SSA): Nomura

Nomura acted as lead manager on 51 social bond transactions for supra, sub-sovereign and agency (SSA) issuers over the year for an aggregate amount of more than $12 billion.

In terms of issuance, Nomura was the leading lead manager for global supranational social bonds in 2024.

Nomura executed notable deals including the Council of Europe Development Bank's Social Inclusion Bond, gender and education bonds for the Asian Development Bank (ADB), and social bonds for the African Development Bank (AfDB) and Korea Housing Finance Corporation (KHFC).

"They have a tremendous depth of market issuance and they have been doing this for a very long time", commented one Environmental Finance Awards judge. Both things are incredibly important to the market."

Nomura has also been appointed to the International Capital Markets Association (ICMA) Green Bond Principles and Social Bond Principles Advisory Council for three consecutive years.