Winning the award for Lead manager of the year, sustainability bonds – sovereign, Citi supported several emerging market sovereign issuers in 2025, including the Philippines, Uzbekistan, and Brazil.

Acting as joint lead manager and bookrunner on the Republic of the Philippines $1 billion 25-year and €1 billion ($1.15 billion) sustainability bond offering, the transaction marked the country's largest ever G3 currency (US dollar, Euro or Japanese yen) bond offering and inaugural euro-denominated sustainability bond.

Winning the award for Lead manager of the year, social bonds – sovereign, the firm pointed to its work in 2025 as joint bookrunner for the Republic of Chile, successfully pricing a $3.4 billion equivalent dual-tranche offering consisting of €1.7 billion in social notes and $1.6 billion in USD-denominated notes.

In February 2025, Citi also acted as joint bookrunner and sole sustainability structuring bank on the Republic of Uzbekistan's €500 million Sustainable Development Goal (SDG) offering, the fourth time in a row Citi has played these roles for the Republic since it began issuing sustainable bonds in 2021. The SDG tranche was issued alongside a $500 million USD-denominated 7.25-year notes, and was Uzbekistan's second euro-denominated bond offering as well as its third SDG bond offering.

In November 2025, Citi acted as joint bookrunner on Brazil's only sustainable offering of 2025, amidst the country's hosting of COP 30.

In their deliberations, the judges referred to the firm's excellent platforms and "great experience" in several emerging markets. They also spoke about how impressive the SDG-linked bond was for Uzbekistan.