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Articles and insights on the sustainable bond market, thematic research and the evolving regulatory landscape.

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Research, benchmarks and perspectives on sustainable debt markets.

Market analysis

Where did the capital go and what did it achieve?

A sustainable use of proceeds bond signals to investors which sustainability theme (e.g., green, social, sustainability, blue, etc.) their capital will go towards. After issuance, an annual allocation and impact report, typically until full allocation, “should” tell investors how the issuer allocated its proceeds and what it actually delivered. This article looks at where most reports fall short, why the gaps persist, the hardest cases of social and sovereign bonds, what is changing, and what good reporting looks like.

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Previously published

  • Handelsbanken: Green bond impact fell by 90%. Is this a good or bad signal?

    We analysed Handelsbanken's XS2265968284 green bond across six green allocation and impact reports from 2020 to 2025. We found that the bond's avoided emissions per SEKm, a common green bond impact metric fell by roughly 90%. Over the same period, the green asset portfolio grew while the asset mix changed. Green buildings went from 36% to 89% of the portfolio while the share of renewable energy fell. Is this a good or bad signal?

    Market analysis

  • Using data from the SFI Sustainable Bond Database, we benchmarked Vasakronan's green bond programme against four other Swedish real estate companies. The analysis compares programme size, use of proceeds, framework development, governance, SDG alignment, geographic reach and reported impact, providing a consistent view of how Vasakronan compares with its peers across a range of sustainable finance metrics.

    Benchmarking
  • The refinancing question for sustainable bonds

    From 2026 to 2030, approximately $2.8tn of sustainable bonds are due to mature according to SFI data. The question is how will that debt be refinanced?

    Market analysis

  • Using data from the SFI Sustainable Bond Database, we benchmarked TenneT's green bond programme against six other European transmission system operators. The analysis compares programme size, use of proceeds, framework development, governance, SDG alignment, geographic reach and reported impact, providing a consistent view of how issuers compare across a range of sustainable finance metrics.

    Benchmarking

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