Euronext - 2020 Universal Registration Document

Euronext, a Sustainable Exchange 3 ESG Dashboard 2020

FIGURE 6: NUMBER OF ESG BOND ISSUERS LISTED

in Dublin, the largest number of Euronext ESG bonds are also listed in Dublin – 213 bonds and making up 45% of the total 476 bonds listed on Euronext markets. Amsterdam and Brussels are strong in capturing most ESG domestic bond issues and Oslo is an interesting and dynamic market combining many small domestic issues alongside significant international issuance. There are 70 ESG bonds listed in Oslo from 31 separate issuers. We are expecting Lisbon ESG bond issuance to grow through 2021.

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FIGURE 5: ESG BONDS LISTED PER ISSUER TYPE

ABS SovereignLocal Development Bank Government Backed Entity Local Govt. Financial Corporate Non-Financial Corporate in € bn

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Euronext is also the leading stock exchange for the listing of green bonds. At the end of 2020 there was €193.21 bn in outstanding issuance listed on Euronext markets versus €165.9bn listed in Luxembourg and €50.15 bn listed in London.

FIGURE 7: OUTSTANDING GREEN BOND ISSUANCE LISTED AS OF THE END 2020

Issuer types listed on Euronext include sovereign, non-financial corporate, local government, government backed entity, financial corporate, development bank and ABS issuers. Sovereign issuance accounts for the largest average issuance amount per issuer and includes issues from the Republic of France, the State of the Netherlands, the Kingdom of Belgium and the Republic of Ireland. The Republic of France is Euronext’s largest green bond issuer with over €27.6 billion in issuance outstanding and listed on Euronext Paris. Euronext ESG bonds listed by financial corporates include ABN, BBVA, ING, KBC, BPCE, Société Générale and BNP Paribas. Local government issuance is predominantly French and include Région “Ile de France”, Ville de Paris, Region Wallonne and Flemish Community Government-backed entities are also mostly French and include Agence FSE de Dévelopement, SNCF Reseau, RATP, Société du Grand Paris and EDF. Vasakronan is a Swedish government-backed entity and as our most frequent issuer has 65 bonds listed in both Dublin and Oslo. The principle non-financial corporates are mostly energy companies and include ENEL, Tennet, Engie and Schneider Electric. Asset-backed security (ABS) issuance is expected to grow through 2021 and market leading RMBS and CMBS successfully deals listed on Dublin and Lisbon through 2020. COMPETITOR ANALYSIS The main competition for Euronext in the ESG bond listing space comes from the Luxembourg and London stock exchanges. As at end 2020, Euronext is the leading stock exchange for both the number of issuers with ESG bonds listed and the outstanding issuance amount of ESG bonds listed on each stock exchange. There were 182 separate issuers with ESG bonds listed on Euronext markets at the end of 2020 which compares favourably with the 131 on Luxembourg and 64 in London.

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EURONEXT ESG BOND INITIATIVE Euronext ESG Bonds is the successor to Euronext Green Bonds which was expanded in June 2020 to also include green, social, sustainability, sustainability-linked and blue bonds. Stock exchanges are playing a vital role in the ESG bond issue market by establishing dedicated ESG bond platforms for issuers to effectively showcase their ESG credentials as it relates to their group and funding strategy. Including Euronext, there are now six European stock exchanges with ESG bond segments which were established between 2015 and 2020. There are also ESG bond segments established in Japan, Johannesburg, Mexico, Shanghai and Taipei exchanges. Besides being adequately resourced to engage with market participants, the key means to attract ESG bond issuers is to ensure that Euronext is ideally positioned to deliver to the trend of issuer demand for increased visibility. Euronext ESG Bonds is a platform where all eligible and consenting ESG bond issuers and securities listed in each Euronext jurisdiction are consolidated onto and visible from a specific area of the Euronext website.

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2020 UNIVERSAL REGISTRATION DOCUMENT