Adani sold its first dollar bond, worth $409 million, since Hindenburg Research made allegations of corruption, money laundering and fraud. Not only does this show investors and banks disregard for unethical and potentially criminal behaviour - but that they have no qualms about financing a green-labelled bond sold by the world’s biggest private coal developer.

The Toxic Bonds Network condemns the investors and banks that have financed this so-called ‘green’ bond, tainted by allegations of greenwashing, related party transactions and serious governance concerns. This bond sale marks a significant test for the international financial community – a test that many have failed, effectively endorsing a facade of sustainability while enabling the world’s biggest private coal developer to continue its expansion of fossil fuel projects.

Watch: Toxic Bond's Inverter Briefing. Adani Green: latest bond and capital raising plans. 

Click here to read Toxic Bond Network’s press release.

We do not yet know which investors have purchased the bond due to disclosure lags. The banks that facilitated this bond include Barclays, DBS Bank, Deutsche Bank, Intesa Sanpaolo, Standard Chartered, ING Groep, Mizuho, MUFG, SMBC Nikko Securities, Societe Generale, Emirates NBD, and First Abu Dhabi Bank.

Click here to read a Barclays-specific blog published by Bank on our Future.