what are
toxic bonds?
Bonds are a critical source of funding for companies seeking to expand their coal, oil and gas activities – these are Toxic Bonds.
The companies listed below - the Dirty 30 - are all planning major expansion and are using the bond market to finance these plans.
The companies have been identified using the Global Coal Exit List (GCEL) and Global Oil and Gas Exit List (GOGEL). Public listings along with cross-verification through the C-bonds database was used to identify outstanding USD and Euro bonds issued by each company. Non-Euro or USD denominated bonds are not currently tracked.
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Companies Name | Country of risk | USD/EUR bonds | Placement | Maturity | Arrangers/ Underwriters | Bond ETF Holders | Rating (M/S&P/F) |
---|---|---|---|---|---|---|---|
Adani Electricity Mumbai (AEML) | India | 300,000,000 USD | 2021/7/15 | 2031/7/22 | Axis Bank, Barclays, Citigroup, DBS Bank, Deutsche Bank, Emirates NBD, JP Morgan, Mitsubishi UFJ Financial Group, Mizuho Financial Group, Standard Chartered Bank | ishares | - / BBB- / - |
Adani Electricity Mumbai (AEML) | India | 1,000,000,000 USD | 2020/2/5 | 2030/2/12 | Barclays, Citigroup, DBS Bank, Deutsche Bank, Emirates NBD, JP Morgan, Mitsubishi UFJ Financial Group | PIMCO, VTB, Vanguard, Xtrackers, iShares | Baa3/ BBB-/ BBB- |
Adani Green Energy | India | 750,000,000 USD | 2021/9/1 | 2024/9/8 | Axis Bank, BNP Paribas, Barclays, DBS Bank, Emirates NBD, Intesa Sanpaolo, Mitsubishi UFJ Financial Group, Mizuho Financial Group, SMBC Nikko Capital, Standard Chartered Bank | First Trust, KraneShares, UBS, VanEck | Ba3/ - / - |
Adani Green Energy | India | 500,000,000 USD | 2019/5/30 | 2024/12/10 | Barclays, Citigroup, Credit Suisse, Emirates NBD, JP Morgan, Mitsubishi UFJ Financial Group, SBICAP Securities, Yes Bank | L&G, UBS VanEck, iShares | Ba2/ BB- / BB+/ |
Adani International Container Terminal | India | 288,000,000 USD | 2020/12/14 | 2031/02/16 | Barclays, Citigroup, DBS Bank, Mitsubishi UFJ Financial Group, Standard Chartered Bank | iShares, SPDR | Baa3/BBB-/BBB- |
Adani North Queensland Export Terminal Pty Ltd | Australia | 500,000,000 USD | 2017/11/30 | 2022/12/15 | Haitong International Securities Group, Investec Bank Plc, Stifel | BMO SPDR® VanEck iShares | Ba2 / - / - |
Adani Ports and Special Economic Zone Ltd (APSEZ) | India | 450,000,000 USD | 2021/7/26 | 2041/8/2 | Axis Bank, Barclays, BofA Securities, Citigroup, DBS Bank, Emirates NBD, JP Morgan, Mitsubishi UFJ Financial Group, Mizuho Financial Group, SMBC Nikko Capital, Standard Chartered Bank | iShares | Baa3/BBB-/BBB- |
Adani Ports and Special Economic Zone Ltd (APSEZ) | India | 500,000,000 USD | 2017/6/22 | 2027/7/30 | Barclays, Citigroup, Mitsubishi UFJ Financial Group, SBI Holdings, Standard Chartered Bank | UBS, iShares | Baa3/BBB-/BBB- |
Adani Ports and Special Economic Zone Ltd (APSEZ) | India | 500,000,000 USD | 2021/1/26 | 2031/2/2 | Barclays, BofA Securities, Citigroup, DBS Bank, Emirates NBD, JP Morgan, Mitsubishi UFJ Financial Group, Mizuho Financial Group, Standard Chartered Bank | SPDR, UBS, Vanguard, iShares | Baa3/BBB-/BBB- |
Adani Ports and Special Economic Zone Ltd (APSEZ) | India | 750,000,000 USD | 2020/7/28 | 2027/8/4 | Barclays, BofA Securities, Citigroup, Credit Suisse, DBS Bank, Deutsche Bank, Emirates NBD, JP Morgan, Mitsubishi UFJ Financial Group, Mizuho Financial Group, Standard Chartered Bank | L&G, Sber, UBS, VTB, Vanguard, Xtrackers iShares | Baa3/BBB-/BBB- |