Japanese bank Nomura has been among the leading underwriters of 'transition bonds', having lead-managed 11 deals during the awards submission period.

The most eye-catching deals include JFE Holdings, which operates in the hard-to-abate steel industry, and Korea's Shinhan Bank's issuance in the Japanese Yen-denominated transition bond market, which has also won the Transition bond of the year award in this year's Sustainable Debt Awards.

The bank also played a strong advocacy role for transition finance, including strategic partnerships with the International Capital Market Association, and Japan's Financial Services Agency and Ministry of Economy Trade and Industry.

One awards judge said Nomura demonstrated "strong commitment in an important, developing sector".

Another described the entry as "impressive in scale and breadth".