HSBC structured the 2024 Amazon Reforestation-Linked Outcome Bond as sole lead manager, and was a bookrunner on Uruguay’s 2022 sovereign sustainability-linked bond, which carries a native forest target [IC].
Right of reply
This page describes HSBC only through its published statements and the public records of the deals listed. HSBC has not yet been invited to comment. Responses and corrections will be recorded here with their date. On register pages, [MS] marks a claim that rests only on the institution’s own statement or on statements by parties to the same deal.
In the register
The register follows instruments whose terms depend on a verified ecological outcome, the broad family of the performance-based bond. The register index explains its tiers, roles and claim tags.
| Deal | Year | Family | Role | Amount | Claim |
|---|---|---|---|---|---|
| World Bank Amazon Reforestation-Linked Outcome Bond | 2024 | Outcome-linked bond | Structurer, sole lead manager | US$225m issue | [IC] |
| Uruguay sovereign sustainability-linked bond | 2022 | Sustainability-linked bond | Bookrunner | US$1.5bn issue | [IC] |
Uruguay’s bond holds native forest area at 100% of the 2012 reference as one of two targets; the coupon steps up if targets are missed, and the forest value is next measured in May 2027 [IC]. HSBC Pollination Climate Asset Management, a joint venture, co-founded the Natural Capital Investment Alliance in 2021 and is on the register’s watch list [IC].
Related
References
- IFR, World Bank Amazon reforestation bond (August 2024)
- World Bank, Amazon Reforestation-Linked Outcome Bond release (13 August 2024)
- IFR, Uruguay’s US$1.5bn sustainability-linked bond (2022)
- Uruguay Ministry of Economy and Finance, SSLB third annual report (May 2025)
- The Asian Banker, launch of the Natural Capital Investment Alliance (January 2021)
Provenance
Drafted on 15 October 2026 from the research brief Nature performance bond investors.md, compiled the same day from five research strands: outcome-linked and sustainability-linked bonds, environmental impact bonds, debt-for-nature conversions, insurers and reinsurers, and the largest asset managers with their regulatory context. Claim tags follow the brief, which never upgraded a claim without a source and lowered to [MS] any claim a research note had graded [IC] on the strength of a company’s own release. The headquarters country in based_in comes from general knowledge unless a deal record states it, and is to be confirmed. The brief’s search had limits: fund holdings filings, municipal bond disclosures and the Oxford INDIGO and Brookings impact bond databases were not searched, so a deal missing from this page may exist.