Environmental Finance's Sustainable Debt Awards 2026

Category descriptions

Companies

• Exchange of the year

This award recognises a financial exchange that has made outstanding contributions to the development, accessibility, and integrity of sustainable bond markets. This includes green, social, sustainability, and sustainability-linked bonds. The winning exchange will have demonstrated leadership in promoting transparency, enabling innovation, supporting issuers and investors, and driving the growth of sustainable finance at scale. The exchange must have played a demonstrable role in advancing sustainable bond issuance or trading during the eligibility period.

• External assessment provider of the year

This award recognises an organisation that has delivered outstanding services in the external assessment of sustainable debt instruments – Including second-party opinions (SPOs), ESG ratings, sustainability certifications, or verification services. The winner will have contributed meaningfully to the credibility, transparency, and growth of sustainable debt markets through rigorous methodologies, innovation, and market leadership. Eligible providers include any organisation that offers independent assessments of sustainable debt instruments, such as SPOs, sustainability ratings, impact verification, alignment checks, or external reviews.

• Green bond fund of the year

This award recognises a fund that has demonstrated outstanding performance, innovation, and impact in its green bond investment strategy. The winning fund will have advanced the goals of the green bond market through rigorous selection processes, strong sustainability integration, and effective environmental outcomes. The fund must have a clear and dedicated green bond investment strategy, with a significant disclosed proportion of assets under management (AUM) allocated to green-labelled bonds. The fund must have been active and operational during the eligibility period.

• Index of the year

This award recognises an outstanding financial index focused on green, social, sustainability, or sustainability-linked debt markets. The winning index will demonstrate innovation, robustness, and influence in supporting sustainable finance by providing transparency, benchmarking, and investment guidance for market participants. Submissions will be judged on index design and methodology, transparency and governance, market impact and adoption, innovation and differentiation, performance and relevance.

• Investor of the year (asset manager)

This award recognises an asset manager that has demonstrated outstanding leadership in mobilising capital into the green, social, sustainability, and/or sustainability-linked debt markets. The winner will demonstrate leadership in integrating sustainability objectives into fixed income investment strategy, catalysing market development, innovation, reporting, stewardship, and market impact.

• Investor of the year (asset owner)

This award recognises an asset owner (e.g., pension fund, insurance company, sovereign wealth fund, endowment, or foundation) that has shown outstanding commitment to investing in green, social, sustainability, or sustainability-linked debt. The winner will demonstrate leadership in integrating sustainability objectives into fixed income investment strategy, catalysing market development, reporting, and driving real-world outcomes.

• Investor/fund impact report of the year

This award recognises excellence in the production and dissemination of an investor/fund-produced impact report related to green, social, sustainability, or sustainability-linked debt funds and investment products. The winning report will combine clarity, credibility, and decision-useful metrics to provide transparent insights into the environmental and/or social outcomes of financed activities. Submissions will be judged on methodology and data quality, metrics used, clarity and presentation, transparency and verification, innovation and market influence.

• Issuer impact report of the year

This award recognises a best-in-class impact report related to the issuer or issuance of green, social, sustainability, or sustainability-linked debt. The winning report will demonstrate leadership in transparency, credibility, and the effective communication of environmental and/or social outcomes to stakeholders, including investors and the broader public. Submissions will be judged on methodology and data quality, metrics used, clarity and presentation, transparency and verification, innovation and market influence.

• Law firm of the year

This award recognises a law firm that has demonstrated exceptional leadership, innovation, and impact in advising on transactions and frameworks in the green, social, sustainability, and/or sustainability-linked debt markets. The winner will have made a significant contribution to advancing market integrity, accessibility, and development. Activities may include advising on bond or loan issuance, regulatory frameworks, sustainability-linked structures, disclosure, impact reporting, or taxonomy alignment.

• Lead manager of the year, green bonds - corporate

This award recognises an investment bank or financial institution that has demonstrated excellence in structuring, advising, and distributing corporate green bonds. The winner will clearly state its prominent role in leading on cited issuances and advising on frameworks/transactions. Submissions will be judged on transaction activity and market coverage, client support and value creation, innovation in structure or execution, market influence and development, including a commitment to market standards.

• Lead manager of the year, green bonds - financial institution

This award recognises an investment bank or financial institution that has demonstrated excellence in structuring, advising, and distributing green bonds issued by financial institutions. The winner will clearly state its prominent role in leading on cited issuances and advising on frameworks/transactions. Submissions will be judged on transaction activity and market coverage, client support and value creation, innovation in structure or execution, market influence and development, including a commitment to market standards.

• Lead manager of the year, green bonds - local authority/municipality

This award recognises a lead manager or key arranger that has demonstrated excellence in structuring, advising, and distributing green bonds issued by local governments, cities, or municipal entities. The winner will clearly state its prominent role in leading on cited issuances and advising on frameworks/transactions. Submissions will be judged on transaction activity and market coverage, client support and value creation, innovation in structure or execution, market influence and development, including a commitment to market standards.

• Lead manager of the year, green bonds - sovereign

This award recognises a lead manager or key arranger that has demonstrated excellence in structuring, advising, and distributing green bonds issued by sovereign governments. The winner will clearly state its prominent role in leading on cited issuances and advising on frameworks/transactions. Submissions will be judged on transaction activity and market coverage, client support and value creation, innovation in structure or execution, market influence and development, including a commitment to market standards.

• Lead manager of the year, green bonds - supranational, sub-sovereign and agency (SSA)

This award recognises a lead manager or key arranger that has shown outstanding performance and innovation in leading on a green bond issuance by supranational, sub-sovereign, and agency (SSA) entities. The winner will clearly state its prominent role in leading on cited issuances and advising on frameworks/transactions. Submissions will be judged on transaction activity and market coverage, client support and value creation, innovation in structure or execution, market influence and development, including a commitment to market standards.

• Lead manager of the year, green bonds - US muni bond

This award recognises a lead manager or key arranger that has demonstrated excellence in structuring, advising, and distributing green bonds issued by US municipal entities, including states, cities, public utilities, school districts, and other US public-sector issuers. The winner will clearly state its prominent role in leading on cited issuances and advising on frameworks/transactions. Submissions will be judged on transaction activity and market coverage, client support and value creation, innovation in structure or execution, market influence and development, including a commitment to market standards.

• Lead manager of the year, social bonds - corporate

This award recognises a lead manager or key arranger that has demonstrated excellence in structuring, advising, and distributing social bonds issued by corporates. The winner will clearly state its prominent role in leading on cited issuances and advising on frameworks/transactions, enabling corporations to raise capital for impactful social outcomes, particularly in areas such as affordable housing, health, education, financial inclusion, or equitable economic recovery. Submissions will be judged on transaction activity and market coverage, client support and value creation, innovation in structure or execution, market influence and development, including a commitment to market standards.

• Lead manager of the year, social bonds - financial institution

This award recognises a lead manager or key arranger that has demonstrated excellence in structuring, advising, and distributing social bonds issued by financial institutions. The winner will clearly state its prominent role in leading on cited issuances and advising on frameworks/transactions, enabling financial institutions to channel capital toward socially beneficial outcomes such as affordable housing, health services, SME support, financial inclusion, and social infrastructure. Submissions will be judged on transaction activity and market coverage, client support and value creation, innovation in structure or execution, market influence and development, including a commitment to market standards.

• Lead manager of the year, social bonds - local authority/municipality

This award recognises a lead manager or key arranger that has demonstrated excellence in structuring, advising, and distributing social bonds issued by local authorities or municipal entities. The winner will clearly state its prominent role in leading on cited issuances and advising on frameworks/transactions, enabling sub-sovereign public bodies to raise capital for impactful social outcomes such as affordable housing, health, education, and inclusive economic development. Submissions will be judged on transaction activity and market coverage, client support and value creation, innovation in structure or execution, market influence and development, including a commitment to market standards.

• Lead manager of the year, social bonds - sovereign

This award recognises a lead manager or key arranger that has demonstrated excellence in structuring, advising, and distributing social bonds issued by sovereigns. The winner will clearly state its prominent role in leading on cited issuances and advising on frameworks/transactions, enabling national governments to raise capital to address significant social challenges, such as healthcare access, affordable housing, education, gender equality, social protection, and post-crisis recovery. Submissions will be judged on transaction activity and market coverage, client support and value creation, innovation in structure or execution, market influence and development, including a commitment to market standards.

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

This award recognises a lead manager or key arranger that has demonstrated excellence in structuring, advising, and distributing social bonds issued by supranational, sub-sovereign, and agency (SSA) issuers. The winner will clearly state its prominent role in leading on cited issuances and advising on frameworks/transactions, mobilising capital through trusted public-sector entities to address social challenges at scale and across borders. Submissions will be judged on transaction activity and market coverage, client support and value creation, innovation in structure or execution, market influence and development, including a commitment to market standards.

• Lead manager of the year, social bonds - US muni bond

This award recognises a lead manager or key arranger that has demonstrated excellence in structuring, advising, and distributing social bonds issued by US municipal entities, including states, cities, public utilities, school districts, and other US public-sector issuers. The winner will clearly state its prominent role in leading on cited issuances and advising on frameworks/transactions, mobilising capital to address social priorities such as affordable housing, public health, education, infrastructure equity, and community development. Submissions will be judged on transaction activity and market coverage, client support and value creation, innovation in structure or execution, market influence and development, leadership and reputation, including a commitment to market standards.

• Lead manager of the year, sustainability bonds - corporate

This award recognises a lead manager or key arranger that has demonstrated excellence in structuring, advising, and distributing corporate sustainability bonds that fund a mix of environmental and social objectives. The winner will clearly state its prominent role in leading on cited issuances and advising on frameworks/transactions. Submissions will be judged on transaction activity and market coverage, client support and value creation, innovation in structure or execution, market influence and development, including a commitment to market standards.

• Lead manager of the year, sustainability bonds - financial institution

This award recognises a lead manager or key arranger that has demonstrated excellence in structuring, advising, and distributing financial institution sustainability bonds that fund a mix of environmental and social objectives. The winner will clearly state its prominent role in leading on cited issuances and advising on frameworks/transactions. Submissions will be judged on transaction activity and market coverage, client support and value creation, innovation in structure or execution, market influence and development, including a commitment to market standards.

• Lead manager of the year, sustainability bonds - local authority/municipality

This award recognises a lead manager or key arranger that has demonstrated excellence in structuring, advising, and distributing local government and municipal entity sustainability bonds that fund a mix of environmental and social objectives. The winner will clearly state its prominent role in leading on cited issuances and advising on frameworks/transactions, enabling cities, counties, and other local bodies to finance projects with combined environmental and social benefits, contributing to sustainable urban development and community resilience. Submissions will be judged on transaction activity and market coverage, client support and value creation, innovation in structure or execution, market influence and development, including a commitment to market standards.

• Lead manager of the year, sustainability bonds - sovereign

This award recognises a lead manager or key arranger that has demonstrated excellence in structuring, advising, and distributing sovereign sustainability bonds that fund a mix of environmental and social objectives. The winner will clearly state its prominent role in leading on cited issuances and advising on frameworks/transactions, enabling national governments to mobilise capital for inclusive and sustainable development aligned with long-term policy goals. Submissions will be judged on transaction activity and market coverage, client support and value creation, innovation in structure or execution, market influence and development, including a commitment to market standards.

• Lead manager of the year, sustainability bonds - supranational, sub-sovereign and agency (SSA)

This award recognises a lead manager or key arranger that has demonstrated excellence in structuring, advising, and distributing supranational, sub-sovereign, and agency (SSA) sustainability bonds that fund a mix of environmental and social objectives. The winner will clearly state its prominent role in leading on cited issuances and advising on frameworks/transactions, mobilising capital through trusted public-sector entities to address social challenges at scale and across borders. Submissions will be judged on transaction activity and market coverage, client support and value creation, innovation in structure or execution, market influence and development, including a commitment to market standards.

• Lead manager of the year, sustainability bonds - US muni bond

This award recognises a lead manager or key arranger that has demonstrated excellence in structuring, advising, and distributing US municipal sustainability bonds that fund a mix of environmental and social objectives. The winner will clearly state its prominent role in leading on cited issuances and advising on frameworks/transactions, supporting US state and local governments, agencies, or municipal utilities in raising capital for projects with combined environmental and social benefits. Submissions will be judged on transaction activity and market coverage, client support and value creation, innovation in structure or execution, market influence and development, including a commitment to market standards.

• Lead manager of the year – sustainability-linked bonds

This award recognises a lead manager or key arranger that has demonstrated excellence in structuring, advising, and supporting issuers across sectors and regions in launching sustainability-linked bonds (SLBs). These instruments tie financial or structural characteristics to the issuer's achievement of predefined sustainability performance targets (SPTs), enabling accountability and incentivising progress toward environmental and/or social goals. The winner will clearly state its prominent role in leading on cited issuances and advising on frameworks/transactions. Submissions will be judged on transaction activity and market coverage, client support and value creation, innovation in structure or execution, market influence and development, including a commitment to market standards.

• Lead manager of the year – transition bonds

This award recognises a lead manager or key arranger that has demonstrated excellence in structuring, advising, supporting and executing transition bond issuances, helping issuers in carbon-intensive or hard-to-abate sectors finance credible pathways toward net zero. The winner should clearly state its prominent role in leading on cited issuances and advising on frameworks/transactions, and have contributed meaningfully to the development and integrity of the transition finance market. Submissions will be judged on transaction activity and market coverage, client support and value creation, innovation in structure or execution, market influence and development, including a commitment to market standards.

• Loan sustainability coordinator of the year

This award recognises a bank or advisory firm that has provided a prominent role as a sustainability coordinator in originating, structuring, and guiding sustainability-linked and/or use-of-proceeds loans, helping borrowers embed meaningful sustainability objectives into loan agreements. The winner should clearly state its prominent role in leading and advising on cited frameworks/transactions. The winner will have demonstrated leadership in credibility, innovation, and market development. Submissions will be judged on transaction activity and market coverage, client support and value creation, innovation in structure or execution, market influence and development, and a commitment to market standards.

• Sustainable lender of the year

This award recognises a bank, financial institution or other lender that has demonstrated outstanding leadership in delivering sustainable debt financing, including green, social, sustainability, and sustainability-linked loans. The winning institution will have shown leadership in scale, credibility, innovation, and market development, contributing meaningfully to the growth and integrity of the sustainable loan market through its lending activities. The winning lender will be judged on its capital mobilisation strategy, transaction activity and market reach, client engagement and value creation, influence on market practices and standards, and a demonstrable commitment to advancing best practice in sustainable debt financing.

Green bonds

• Asset-backed/asset-based/covered green bond of the year

This award recognises an outstanding green bond issued during the eligibility period that is backed or secured by a specific pool of assets. The bond should be structured in a recognisable asset-backed structure, such as an asset-backed security (ABS), mortgage-backed security (MBS), covered bond, or another form of asset-based financing. Assets may include, but are not limited to, green auto loans, green mortgages, renewable energy infrastructure, sustainable real estate, or other asset classes with verifiable environmental benefits. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong environmental ambition, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Green bond of the year – agency

This award recognises an outstanding green bond issued by a government agency, development finance institution, export credit agency, or other public sector body. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong environmental ambition, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Green bond of the year – corporate

This award recognises a corporate green bond issued by a company that exemplifies excellence in structure, impact, and market leadership. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong environmental ambition, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Green bond of the year – financial institution

This award recognises a green bond issued by a financial institution – such as commercial banks, investment banks, multilateral development banks, insurers, or asset managers – that exemplifies leadership in sustainable finance, environmental impact, and market innovation. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong environmental ambition, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Green bond of the year – local authority/municipality

This award recognises a green bond issued by a local or regional government entity – such as a city, state, province, or municipality – that demonstrates exceptional environmental ambition, robust structure, and meaningful community or regional impact. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong environmental ambition, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting, reporting and transparency.

• Green bond of the year – sovereign

This award recognises a sovereign green bond issuance that sets a high standard in transparency, ambition, and impact. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong environmental ambition, alignment with national social development goals, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Green bond of the year – supranational

This award recognises a green bond issued by a supranational entity that demonstrates outstanding environmental ambition, structural integrity, and market leadership. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong environmental ambition, measurable green outcomes across borders, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Green bond of the year – US muni bond

This award recognises an outstanding green bond issued by a US municipal entity – such as a city, county, state authority, or special district – that exemplifies best practice in structure, environmental ambition, and community impact, and innovation in addressing local sustainability challenges. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong environmental ambition, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Green project bond of the year

This award recognises an outstanding green project bond that demonstrates exemplary alignment with environmental goals, strong structural integrity, and impactful use of proceeds. The bond must be structured to finance a specific project or group of projects, typically using a project finance or ring-fenced structure. Issuers may include project companies, special purpose vehicles (SPVs), or public-private partnerships (PPPs). The winning transaction will stand out for its contribution to financing specific, identifiable green infrastructure or assets. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong environmental ambition, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

Individuals

• Personality of the year

This prestigious individual award recognises a leader, pioneer, or changemaker who has made an exceptional and lasting contribution to the sustainable debt market. The honouree will have demonstrated personal vision, influence, and impact in advancing green, social, sustainability, or sustainability-linked finance over the past year or more. The nominee will have played a leading role in shaping market developments, innovating instruments, promoting best practices, or mobilising capital toward sustainability objectives. Contributions may span multiple years but should include notable achievements during the eligibility period.

Innovation

• Award for innovation – green bond structure

This award recognises a green bond issued during the eligibility period that demonstrates outstanding innovation in its structural design. The award aims to highlight creative approaches that advance the green bond market through novel features in risk-sharing, pricing mechanisms, use-of-proceeds frameworks, investor alignment, or other structural enhancements. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong environmental ambition, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Award for innovation – social bond structure

This award recognises a social bond issued during the eligibility period that exhibits exceptional innovation in its structural design. The focus is on pioneering approaches that enhance the effectiveness, reach, or functionality of social bonds – whether through risk-sharing mechanisms, investor alignment, structural incentives, new social asset classes, or other creative features. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong social ambition, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Award for innovation – sustainability bond structure

This award recognises a sustainability bond issued during the eligibility period that demonstrates outstanding innovation in its structural design, helping advance the integration of both environmental and social objectives through novel financing mechanisms. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong environmental and social ambition, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Award for innovation – loan structure

This award recognises a loan – green, social, sustainability, or sustainability-linked – issued during the eligibility period that showcases outstanding structural innovation. The focus is on breakthroughs in how sustainability-linked or use-of-proceeds objectives are embedded into the loan's mechanics, risk-sharing, pricing, or performance management. The loan may be structured as a green loan, social loan, sustainability loan, or sustainability-linked loan. The winning loan should highlight any alignment with best practices and/or standards, demonstrate strong ambition, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Award for innovation – loan use of proceeds

This award recognises a loan – classified as green, social, or sustainability – that demonstrates exceptional innovation in how its use of proceeds are defined, structured, or deployed. The focus is on enabling impactful and scalable financing for projects that address critical environmental and/or social challenges, especially in underfunded or emerging sectors. The winning loan should highlight any alignment with best practices and/or standards, demonstrate strong ambition, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Award for innovation – use of proceeds (green bond)

This award recognises a green bond issued during the eligibility period that introduces a groundbreaking or highly effective use-of-proceeds approach. The focus is on innovative deployment of capital to projects or asset types that significantly advance environmental goals, particularly in sectors or geographies that are underserved or emerging. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong environmental ambition, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Award for innovation – use of proceeds (social bond)

This award recognises a social bond issued during the eligibility period that showcases exceptional innovation in its use-of-proceeds strategy. The focus is on novel or expanded approaches to financing projects that deliver measurable social benefits, particularly in underserved communities or emerging areas of social need. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong social ambition, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Award for innovation – use of proceeds (sustainability bond)

This award recognises a sustainability bond issued during the eligibility period that demonstrates a highly original and effective approach to the use of proceeds. It highlights innovative strategies that enable integrated financing of environmental and social goals, particularly through project types, funding models, or eligibility frameworks that expand the scope and impact of sustainable finance. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong environmental and social ambition, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Green bond market initiative of the year

This award recognises a standout initiative that has advanced the development, credibility, or accessibility of the green bond market. This category has been designed to capture an initiative that is not a product but may include policy frameworks, capacity-building programmes, collaborative efforts, or other activities and tools that support green bond issuance, investment, or standard-setting. Initiatives may be led by public or private sector entities, non-profits, multilateral institutions, or multi-stakeholder coalitions.

• Social bond market initiative of the year

This award recognises a standout initiative that has advanced the development, credibility, or accessibility of the social bond market. This category has been designed to capture an initiative that is not a product but may include policy frameworks, capacity-building programmes, collaborative efforts, or other activities and tools that support social bond issuance, investment, or standard-setting. Initiatives may be led by public or private sector entities, non-profits, multilateral institutions, or multi-stakeholder coalitions.

• Sustainability bond market initiative of the year

This award recognises a standout initiative that has advanced the development, credibility, or accessibility of the sustainability bond market – bonds that combine environmental and social use of proceeds. This category has been designed to capture an initiative that is not a product but may include policy frameworks, capacity-building programmes, collaborative efforts, or other activities and tools that support sustainability bond issuance, investment, or standard-setting. Initiatives may be led by public or private sector entities, non-profits, multilateral institutions, or multi-stakeholder coalitions.

Loans

• Green loan of the year

This award recognises an exemplary green loan transaction that demonstrates best practice in structuring, environmental integrity, and impact, and a positive contribution to sustainable development in the region. The winning loan should highlight any alignment with best practices and/or standards, robust use-of-proceeds governance, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Social loan of the year

This award recognises an outstanding social loan issued during the eligibility period that has demonstrably advanced social impact goals. The winning bond should highlight any alignment with best practices and/or standards, demonstrate impact in addressing social challenges through targeted use of proceeds and measurable outcomes, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

Social bonds

• Asset-backed/asset-based/covered social bond of the year

This award recognises an impactful and innovative social bond issued during the eligibility period that is backed by, secured on, or supported by a pool of underlying assets. The bond should be structured in a recognisable asset-backed structure, such as an asset-backed, asset-based, or covered bond, or another form of asset-based financing, with social objectives at its core. Eligible structures include asset-backed securities (ABS), mortgage-backed securities (MBS), covered bonds, or other asset-based financing mechanisms that directly support positive social outcomes. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong social ambition, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Social bond of the year – agency

This award recognises the most impactful and well-structured social bond issuance by a government agency or equivalent public institution during the eligibility period. The winning bond should highlight any alignment with best practices and/or standards, demonstrate impact in addressing social challenges through targeted use of proceeds and measurable outcomes, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Social bond of the year – corporate

This award recognises a corporate issuer that has launched the most outstanding and impactful social bond during the eligibility period. The winning bond should highlight any alignment with best practices and/or standards, demonstrate impact in addressing social challenges through targeted use of proceeds and measurable outcomes, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Social bond of the year – financial institution

This award recognises a financial institution that has issued a standout social bond during the eligibility period. The winning bond should highlight any alignment with best practices and/or standards, demonstrate impact in addressing social challenges through targeted use of proceeds and measurable outcomes, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Social bond of the year – local authority/municipality

This award recognises a local authority, city, or municipal government that has issued an outstanding social bond during the eligibility period. The winning bond should highlight any alignment with best practices and/or standards, reflect strategic alignment with local social priorities, demonstrate impact in addressing social challenges through targeted use of proceeds and measurable outcomes, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Social bond of the year – sovereign

This award recognises a national government that has issued an exemplary social bond during the eligibility period. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong alignment with national social development goals, robust use-of-proceeds governance, demonstrate impact in addressing social challenges through targeted use of proceeds and measurable outcomes, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Social bond of the year – supranational

This award recognises a supranational institution that has issued a standout social bond during the eligibility period. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strategic alignment with global or regional development goals, robust governance, demonstrate impact in addressing social challenges through targeted use of proceeds and measurable social outcomes across borders, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Social bond of the year – US muni bond

This award recognises a US municipal issuer that has launched an exemplary social bond during the eligibility period. The winning bond should highlight any alignment with best practices and/or standards, demonstrate impact in addressing social challenges through targeted use of proceeds and measurable outcomes, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Social project bond of the year

This award recognises an outstanding project bond issued to finance or refinance initiatives with a significant and measurable social impact. The bond must be structured to finance a specific project or group of projects, typically using a project finance or ring-fenced structure. Issuers may include project companies, special purpose vehicles (SPVs), or public-private partnerships (PPPs). The award celebrates excellence in structuring, innovation, and impact in a single project or a group of clearly defined social investments. The winning bond should highlight any alignment with best practices and/or standards, demonstrate impact in addressing social challenges through targeted use of proceeds and measurable outcomes, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

Sustainability bonds

• Asset-backed/asset-based/covered sustainability bond of the year

This award recognises an effective and innovative sustainability bond issued during the eligibility period that is backed by, secured on, or supported by a pool of underlying assets. The bond should be structured in a recognisable asset-backed structure, such as an asset-backed, asset-based, or covered bond, or another form of asset-based financing, with environmental and social objectives at its core. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong environmental ambition, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Sustainability bond of the year – agency

This award recognises an agency issuer (e.g. export credit agency, development agency, housing agency) that has issued a sustainability bond exemplifying best practices in structure and measurable environmental and social outcomes. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong environmental and social ambition, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Sustainability bond of the year – corporate

This award recognises a corporate issuer that has launched a sustainability bond exemplifying best practices in structure and measurable environmental and social outcomes. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong environmental and social ambition, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Sustainability bond of the year – financial institution

This award recognises a financial institution (such as a commercial bank, development bank, or insurance company) that has issued a sustainability bond exemplifying best practices in structure and measurable environmental and social outcomes. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong environmental and social ambition, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Sustainability bond of the year – local authority/municipality

This award recognises a local government entity (such as a city, regional authority, or public utility) that has issued a sustainability bond exemplifying best practices in structure and measurable environmental and social outcomes. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong environmental and social ambition, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Sustainability bond of the year – sovereign

This award recognises a sovereign government that has issued a sustainability bond exemplifying best practices in structure and measurable environmental and social outcomes. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong environmental and social ambition, strong alignment with national development goals, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Sustainability bond of the year – supranational

This award recognises a supranational issuer (such as a multilateral development bank or intergovernmental institution) that has issued a sustainability bond exemplifying best practices in structure and measurable environmental and social outcomes. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong environmental and social ambition, measurable social outcomes across borders, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Sustainability bond of the year – US muni bond

This award recognises a US municipal issuer that has issued a standout sustainability bond, combining environmental and social goals in service of local communities and long-term resilience, exemplifying best practices in structure, and measurable environmental and social outcomes. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong environmental and social ambition, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

• Sustainability project bond of the year

This award recognises an outstanding project bond issued to finance or refinance a specific project or portfolio of projects with both environmental and social benefits. The bond must be structured to finance a specific project or group of projects, typically using a project finance or ring-fenced structure. Issuers may include project companies, special purpose vehicles (SPVs), or public-private partnerships (PPPs). The winning transaction will stand out for its contribution to financing specific, identifiable green and social infrastructure or assets, or impact in a single project or a group of clearly defined green and social investments. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong environmental and social ambition, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

Sustainability-linked bonds

• Sustainability-linked bond of the year – corporate

This award recognises a corporate issuer that has launched an exemplary sustainability-linked bond (SLB), demonstrating credible ambition, strong performance targets, and alignment with long-term sustainability goals. The winning bond should highlight any alignment with best practices and/or standards, demonstrate a robust structure, outline a clear methodology for assessing performance, and contribute meaningfully to the development of sustainable debt markets through reporting and transparency.

• Sustainability-linked bond of the year – financial institution

This award recognises a financial institution that has issued a standout sustainability-linked bond (SLB), demonstrating credible ambition, strong performance targets, and alignment with long-term sustainability goals. The winning bond should highlight any alignment with best practices and/or standards, demonstrate a robust structure, outline a clear methodology for assessing performance, and contribute meaningfully to the development of sustainable debt markets through reporting and transparency.

• Sustainability-linked bond of the year – sovereigns/SSAs

This award recognises a sovereign, supranational, sub-sovereign, and agency (SSA) entity that has issued a standout sustainability-linked bond (SLB), demonstrating credible ambition, strong performance targets, and alignment with long-term sustainability goals and public sustainability mandates. The winning bond should highlight any alignment with best practices and/or standards, demonstrate a robust structure, outline a clear methodology for assessing performance, and contribute meaningfully to the development of sustainable debt markets through reporting and transparency.

• Sustainability-linked bond of the year – other

This award recognises an exemplary sustainability-linked bond (SLB) transaction that does not fall under the other sectoral classifications in the awards, demonstrating credible ambition, strong performance targets, and alignment with long-term sustainability goals. The winning bond should highlight any alignment with best practices and/or standards, demonstrate a robust structure, outline a clear methodology for assessing performance, and contribute meaningfully to the development of sustainable debt markets through reporting and transparency.

Sustainability-linked loans

• Sustainability-linked loan of the year – corporate

This award recognises an exemplary sustainability-linked loan (SLL) transaction for a corporate borrower, demonstrating credible ambition, strong performance targets, and alignment with long-term sustainability goals. The winning bond should highlight any alignment with best practices and/or standards, demonstrate a robust structure, outline a clear methodology for assessing performance, and contribute meaningfully to the development of sustainable debt markets through reporting and transparency.

• Sustainability-linked loan of the year – financial institution

This award recognises an exemplary sustainability-linked loan (SLL) transaction for a financial institution borrower, demonstrating credible ambition, strong performance targets, and alignment with long-term sustainability goals. The winning bond should highlight any alignment with best practices and/or standards, demonstrate a robust structure, outline a clear methodology for assessing performance, and contribute meaningfully to the development of sustainable debt markets through reporting and transparency.

• Sustainability-linked loan of the year – sovereigns/SSAs

This award recognises an exemplary sustainability-linked loan (SLL) transaction for a sovereign, supranational, sub-sovereign, and agency (SSA) borrower, demonstrating credible ambition, strong performance targets, and alignment with long-term sustainability goals and public sustainability mandates. The winning loan should highlight any alignment with best practices and/or standards, demonstrate a robust structure, outline a clear methodology for assessing performance, and contribute meaningfully to the development of sustainable debt markets through reporting and transparency.

• Sustainability-linked loan of the year – other

This award recognises an exemplary sustainability-linked loan (SLL) transaction that does not fall under the other sectoral classifications in the awards, demonstrating credible ambition, strong performance targets, and alignment with long-term sustainability goals. The winning loan should highlight any alignment with best practices and/or standards, demonstrate a robust structure, outline a clear methodology for assessing performance, and contribute meaningfully to the development of sustainable debt markets through reporting and transparency.

Transition bonds

• Transition bond of the year

Recognising an outstanding bond issuance that supports a credible, science-aligned transition toward a low-carbon economy, particularly in hard-to-abate or high-emitting sectors. Eligible bonds must finance projects or initiatives that enable a significant shift toward decarbonisation and long-term climate goals, while adhering to principles of transparency and credibility. The winning bond should highlight any alignment with best practices and/or standards, demonstrate strong environmental ambition, clear use of proceeds, and contribute meaningfully to the development of sustainable debt markets through a robust structure, reporting and transparency.

Transition loans

• Transition loan of the year

Recognising an outstanding transition loan transaction that demonstrates credible ambition, strong performance targets, and alignment with long-term sustainability goals. The winning loan should highlight any alignment with best practices and/or standards, demonstrate a robust structure, outline a clear methodology for assessing performance, and contribute meaningfully to the development of sustainable debt markets through reporting and transparency.

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