LSEG Deals Intelligence Sustainable Finance Review has reported the latest developments in sustainable finance, with sustainable finance bonds now totalling $228.5bn during the first quarter of 2026, a 6 per cent decrease compared to 2025 levels and the slowest opening first quarter period for sustainable finance bonds since the first quarter of 2023.

Sustainability bond issuance reached $35.9bn during the first quarter of 2026, a near halving, falling 49 per cent compared to the first quarter of 2025.

During the first quarter of 2026, green bond issuance totalled $138bn, a 20 per cent increase compared to year ago levels and the strongest opening period for green bond issuance since 2024. Social bond issuance totalled $38.6bn during the first quarter of 2026, a 24 per cent increase compared to the first quarter of 2025.

BNP Paribas maintained the top spot for sustainable finance bond underwriting with 7.6 per cent market share during the first quarter of 2026, with Credit Agricole in second place and JP Morgan in third. Deutsche Bank and Barclays rounded out the leading five.

Mergers and acquisitions activity involving sustainable companies totalled $31.8bn during the first quarter of 2026, a 54 per cent decrease compared to the levels seen during the first quarter of 2025 and a two-year low. Over 320 deals were announced during the first quarter of 2026, a 20 per cent decrease compared to a year ago.

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