02 April 2019
French bank BNP Paribas claimed three separate titles for the year's best lead manager, in 12 months that were packed with deals from first-time issuers.
These included giant sovereign transactions from Belgium (€4.5 billion) and Ireland (€3 billion). Meanwhile, the bank cemented its status as an integral player in the sovereign arena by co-lead managing the fourth tap of France's green obligation assimilable du Trésor (€4 billion) as well as a return to market by Poland (€1 billion).
It was also a key player in the corporate green bond market, leading deals such as Enel's €1.25 billion January issuance, and Terna's €750 million transaction. Other notable issues included three in Asia – by Korea Hydro & Nuclear Power, Korea East-West Power (both $600 million) and China General Nuclear Power Corporation (€500 million).
BNP Paribas claimed to be lead manager on more than 50% of all utilities deals in the green bond market last year.
2018 proved that the bank "can deliver successful transactions for its clients in [a] turbulent market", it claimed, citing its role as sole structuring advisor for the first Italian corporate investment-grade issuer, Terna, to come to the market after a period of political instability in the country. Channel Tunnel operator GetLink's first green issue, worth €550 million, for which BNP Paribas was also structuring advisor, was "another landmark deal... that came at a time of uncertainty surrounding Brexit".
And it claimed the title for sustainability bonds lead manager of the year for banks for its work on deals from first time issuers including China Construction Bank, in a deal worth $1 billion, and Australia's ANZ Bank, worth €750 million.
In Europe, deals by Netherlands-based BNG Bank ($500 million) and Cassa Depositi e Prestiti (€500 million) helped reassert BNP's status among the vanguard in the burgeoning sustainability bond market.