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

Channels: Green Bonds

Companies: JP Morgan

Marilyn CeciJP Morgan acted as lead manager on several significant sub-sovereign, supranational and agency issuances in 2019 across the world.

In May 2019 it acted as lead manager on a €1.5 billion ($1.65 billion) sustainability bond offered by the International Bank for Reconstruction and Development (IBRD).

The bond was well oversubscribed, with an order book reaching €2 billion, with demand from 69 investors.

JP Morgan was lead manager on four more supranational sustainability bonds issued in 2019, with one in Mexican pesos and three in US dollars.

The banks was also active on the Green Bond Principles Executive Committee, co-chairing the advisory council with the European Investment Bank (EIB) and working actively as one of the coordinators of sustainability-linked bond guidance that is anticipated to be released in 2020.

"We look forward to a bright 2020 within the SSA space as we think about its global nature, including sovereigns from all regions" – Marilyn Ceci, head of green bonds at JP Morgan

On challenges in the sector, Marilyn Ceci, head of green bonds at JP Morgan, says: "Occasionally you have particular investors that have a preference for green bonds over sustainability labelled bonds. While this preference remains, I do believe that is has lessened over time.

"There will always be demand for green bonds, but I think in the future there will be greater demand for a more holistic approach to ESG among issuers", says Ceci.