J.P. Morgan was sole arranger, lender and dealer manager of El Salvador’s 2024 Rio Lempa conversion, and a bookrunner on Uruguay’s 2022 sustainability-linked bond [IC].
Right of reply
This page describes J.P. Morgan only through its published statements and the public records of the deals listed. J.P. Morgan 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 |
|---|---|---|---|---|---|
| El Salvador Rio Lempa conversion | 2024 | Debt-for-nature conversion | Sole arranger, lender, dealer manager | US$1bn loan | [IC] |
| Uruguay sovereign sustainability-linked bond | 2022 | Sustainability-linked bond | Bookrunner | US$1.5bn issue | [IC] |
Barclays analysts called for scrutiny of the El Salvador swap, according to a headline that was not read in full [TBV]. The bank is separate from J.P. Morgan Asset Management, which left Climate Action 100+ and has no in-scope holding in the sources found [IC].
Related
- Nature Performance Bond Investor Register
- CAF, Development Bank of Latin America and the Caribbean
- US International Development Finance Corporation
- HSBC
References
- J.P. Morgan, El Salvador debt-for-nature transaction
- LatinFinance, Sovereign Sustainable Deal of the Year (30 January 2026)
- IFR, Uruguay’s US$1.5bn sustainability-linked bond (2022)
- ai-cio, BlackRock leaves Net Zero Asset Managers (January 2025)
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.