HSBC and Barclays have capitalised on a huge surge in sustainable bond issuance amid the Covid-19 crisis, topping the league tables as more investment banks pile into this space.

Nearly $131bn worth of sustainable bonds were issued during the second quarter of 2020, according to new rankings from data provider Refinitiv, a new record with Europe leading the charge with $90.1bn. The increase was spurred by a big pick up in issuance by sovereign entities, which more than doubled the volume to $103.4bn during the quarter.