Environmental Finance's Sustainable Debt Awards 2025

Overview Winners Corporate statements Categories Guide for entries Judging process

Lead manager of the year, sustainability bonds - sovereign; Lead manager of the year, sustainability bonds - SSA; Lead manager of the year, green bonds - corporate; Loan sustainability coordinator of the year: BNP Paribas

BNP Paribas scooped four awards in this year's Sustainable Debt Awards, spanning sustainability bonds, green bonds and sustainability loans.

It was a joint bookrunner on the Republic of the Ivory Coast's first-ever sustainability bond. This dual-tranche deal comprised a $1.1 billion nine-year sustainable bond at 7.875% and a $1.5 billion 13-year conventional issue tranche at 8.500%. BNP Paribas said it was Africa's largest-ever sovereign ESG bond, and the first sub-Saharan state to issue since April 2022.

In the SSA space, it was one of two structuring banks, global coordinator and bookrunner on African Development Bank (AfDB)'s $750 million deal. It said it was the first-ever sustainability hybrid capital issuance from a multilateral development bank. The hybrid capital bond is expected to enable at least $2 of additional lending activity for every $1 raised.

In the corporate green bond space, it supported EDF in issuing its first-ever 100% "multi-green" euro-denominated senior bond offering, fully aligned with the EU Taxonomy. A significant portion of this bond was dedicated to nuclear energy, with a seven-year tranche specifically for this purpose.

Other corporate transactions on which it worked include:

  • Air Liquide's €500 million ($548 million) green bond. The use of proceeds will finance or refinance green projects, including low-carbon hydrogen, carbon capture, and low carbon air gases, and focus for the first time on the green enabling concept.
  • Iliad's €500 million inaugural green bond: BNP Paribas acted as co-ESG structurer and global coordinator. Eligible green projects include CapEx, R&D, and OpEx for energy efficiency, circular economy, clean transportation, and renewable energy.
  • SNAM's €500 million inaugural green bond and €1 billion sustainability-linked bond (SLB): This was the first EU Taxonomy-aligned bond by SNAM, and the first framework integrating an entity net zero assessment from Moody's.
  • Telefónica's €1.1 billion green hybrid bond: Proceeds will finance telecommunication network modernizations to improve energy efficiency.
  • Saint-Gobain's inaugural €2 billion green bond: Eligible Projects include Capex and R&D expenditures aligned with EU Taxonomy criteria.
  • CK Hutchison's $1 billion five-year green bond: It was the largest Asian ESG bond by a private company since 2022, reopening Greater China's bond market after volatility.
  • LG Electronics' $800 million five-year sustainability bond: Its inaugural sustainability bond and first public foreign bond market deal in 12 years.
  • NBN Co's €600 million 10-year green bond: the largest Australian corporate green bond issuer, with approximately AUD$6.7 billion equivalent of green bonds outstanding domestically and internationally.
  • Engie Chile's inaugural CHF190 million five-year senior unsecured green bond: the first issuance denominated in Swiss Francs from Engie Chile and the second largest from a Chilean corporate.
  • NADB's CHF140 million ($163 million) six-year senior unsecured green bond: Proceeds will develop sustainable projects with community support in cooperation between Mexico and the US.
  • Metro de Santiago's inaugural CHF155mn green bond: the first green bond from a Chilean state-owned corporate.

The bank also helped coordinate some of the largest and most innovative sustainable loans in 2024, winning the title of Loan sustainability coordinator of the year.

Deals on which it worked include:

  • Siemens Gamesa's, €1.025 billion sustainability-linked loan (SLL): BNPP co-Coordinated this first syndicated guarantee facility backed by Spain's export credit agency CESCE. Proceeds related to wind power renewable energy (design, development, manufacturing and installation of an onshore or offshore wind power project or its operation and maintenance once installed).
  • Automotive supplier MAHLE's €1.2 billion SLL: The selected KPIs cover 78% of MAHLE's total carbon footprint.
  • Fosun International's $888 million SLL: Its emissions target covers Scope 3 emissions of the conglomerate. It obtained a second-party opinion from S&P Global.
  • CDB Aviation's $700 million SLL: Its KPIs cover carbon intensity reduction, share of new generation aircrafts and DEI workforce training.

Other corporate clients issuing sustainability loans included HP, JetBlue and Latam Airlines.

Numerous awards judges commended the bank.

One said: "BNP Paribas has been a leader in overall green bonds for a long time. They have been involved in so many innovative and powerful deals that they certainty deserve this high recognition."