29 January 2021
Media reports indicate that the world’s 7th largest (in 2020) bookrunner for bonds, Deutsche Bank, has been blocked by its
Sustainability Committee from participating in Adani Ports’ latest bond issue. “Port-related environmental concerns which are in conflict with sustainability goals of the bank” was reported (paywalled) as the committee’s reason for pulling out after initial discussions between the companies ahead of the bond issue.
The move from Deutsche Bank comes after thousands of people contacted the bank, calling on it to stop arranging finance for Adani Ports, due to the company’s role in providing critical coal haulage services for Adani’s climate-wrecking Carmichael coal project.
Deutsche Bank’s backtracking on Adani Ports’ bond issue is significant, as the bank has played a major role in securing capital for Adani Ports. Since 2018, Deutsche Bank has participated in the raising of $2.15 billion worth of bonds for Adani Ports across three bond issues.
Other major bond arrangers include UK banks Barclays and Standard Chartered and US banks JP Morgan and Citi, who this week were more that happy to help Adani Ports issue US$500 million in bonds. All of these banks have publicly committed to not support Adani’s controversial mega-mine, and are now knowingly undermining this commitment by raising capital for Adani Ports.
You can find out more about Adani Ports’ bankers and investors here. Use the form on this page to write to the bankers and investors of Adani Ports’, asking them to cut ties with the company providing an essential service to the disastrous Carmichael coal project.
Tell the banks and investors they must cut ties with Adani Ports.