Second Party Opinions built to test a framework before the market does.
SYNE provides independent Second Party Opinions on green, social, sustainability and sustainability-linked financing frameworks - assessing alignment with ICMA and LMA principles, the credibility of use-of-proceeds or KPI selection, and the issuer's wider sustainability strategy, before a single bond or loan is priced.
From a first draft framework to a market-ready opinion.
SYNE's Second Party Opinions combine framework alignment review, use-of-proceeds and KPI assessment, issuer strategy benchmarking, and reporting commitment review - built for issuers who need the market's confidence before they price.
Framework Alignment Review
Assess a financing framework against the ICMA Green, Social and Sustainability Bond Principles and LMA/LSTA/APLMA Loan Principles.
Use-of-Proceeds Assessment
Evaluate eligible project categories, expected environmental or social impact, and exclusion criteria.
KPI & SPT Robustness Review
Assess the materiality, ambition and robustness of KPIs and Sustainability Performance Targets for SLBs and SLLs.
Issuer Sustainability Strategy Assessment
Benchmark the issuer's wider sustainability strategy and governance, drawing on ESG and Sustainability Ratings context.
Reporting Commitment Review
Assess post-issuance allocation and impact reporting commitments, and the level of external verification proposed.
Taxonomy & Regulatory Alignment
Assess alignment with the EU Taxonomy, EU Green Bond Standard, and other regional sustainable finance taxonomies.
Four core components. One market-recognised structure.
Every green, social or sustainability bond or loan framework is assessed against the same four core components defined by the ICMA Principles - so an opinion issued by SYNE reads the same way as one from any other recognised external reviewer, and can be compared like for like.
Use of Proceeds
Whether the eligible project categories genuinely deliver the claimed impact.
- Eligible Green/Social Project Categories
- Environmental & Social Impact Objectives
- Exclusion Criteria
- Taxonomy Alignment
Process for Project Evaluation & Selection
How rigorously eligible projects are actually chosen and governed.
- Selection Criteria & Governance
- Environmental & Social Risk Management
- Stakeholder Involvement
- Alignment with Issuer Strategy
Management of Proceeds
Whether proceeds are tracked and ring-fenced in practice, not just in principle.
- Tracking & Allocation Method
- Segregation of Funds
- Treatment of Unallocated Proceeds
- Internal Controls
Reporting
What investors will actually be told once the money has been spent.
- Allocation Reporting
- Impact Reporting
- External Verification Commitment
- Reporting Frequency & Transparency
Sustainability-Linked Bonds and Loans are assessed differently. Because SLBs and SLLs don't ring-fence proceeds to specific projects, SYNE instead reviews their five defining elements: KPI selection, SPT calibration, bond or loan characteristics, reporting, and verification - as set out in the ICMA Sustainability-Linked Bond Principles and the LMA Sustainability-Linked Loan Principles.
Six tiers, from exemplary to not aligned.
Every Second Party Opinion is scored on the same AAA–D scale used across every SYNE product, alongside a plain-language alignment conclusion investors and exchanges can act on immediately.
Framework exceeds market best practice across all four ICMA components, backed by an ambitious, credible sustainability strategy.
Strong alignment across all components, with only minor areas for improvement in transparency or target ambition.
Materially aligned, with identified gaps in KPI ambition, project selection governance, or reporting commitments.
Partial alignment; material revisions recommended to the framework before issuance proceeds.
Significant gaps identified in one or more of the four core components.
Framework does not align with recognised sustainable finance principles.
An opinion, not a credit rating
A Second Party Opinion assesses the sustainability credibility of a framework - it says nothing about the issuer's creditworthiness or the instrument's financial risk.
Reviewed once, referenced for the framework's life
Most frameworks are reviewed once and referenced across multiple issuances; SYNE recommends a refreshed opinion if the framework is materially updated.
Published alongside the framework
Unlike a confidential Climate Risk Assessment, a Second Party Opinion is designed to be published and distributed to investors ahead of issuance.
Built for anyone who has to stand behind a framework before it's tested.
A Second Party Opinion exists to give the market confidence in a framework before a single euro or dollar has been allocated.
Bond & Loan Issuers
Strengthen investor confidence and pricing conversations with a published, independent opinion.
Underwriters & Arrangers
De-risk syndication by bringing an independent opinion to market alongside the framework.
Institutional Investors
Screen green, social and sustainability-linked instruments against a consistent, independent standard before allocating capital.
Banks & Sustainability-Linked Loan Providers
Validate KPI and SPT robustness before extending a margin-linked sustainability facility.
Development Finance Institutions
Confirm alignment with international principles before co-financing or guaranteeing an issuance.
Stock Exchanges & Bond Listing Authorities
Require a published, independent opinion as a condition of listing on a dedicated sustainable bond segment.
A framework written by the issuer is marketing until someone else checks it.
Any issuer can write a framework that describes its own bond or loan as green, social, or sustainability-linked. Without independent review against a recognised external standard, investors have no way to tell an ambitious, well-governed framework from a marketing document dressed up to attract a lower coupon.
Why self-written frameworks aren't enough
An issuer describing its own framework as ambitious has an inherent incentive to describe it favourably, regardless of actual rigor.
What it means for issuers
A strong, independently opined framework is now close to a market requirement for accessing dedicated sustainable bond and loan investor pools.
What it means for investors
A published, independent opinion is often the difference between a bond an investor can put in a labelled sustainable fund and one they can't.
What an SPO actually delivers
A documented, published, comparable assessment of whether a framework meets recognised market principles - before the market has to find out the hard way.
What separates a SYNE opinion from a marketing framework.
Four principles run through every opinion we publish, from a first-time issuer to a repeat sovereign or corporate borrower.
Assessed against ICMA & LMA principles
Every opinion is scoped against the published Green, Social, Sustainability and Sustainability-Linked Bond and Loan Principles - not an internal checklist.
Independent from underwriters & issuers
SYNE's opinion teams have no underwriting or arranging role in the transaction they're reviewing.
Regulatory-grade independence
Operating under the EU ESG Ratings Regulation (ESMA 2023/2631) and the FCA Code of Conduct, aligned with ICMA's External Review Guidelines.
The same AAA–D scale, every time
Every opinion is scored on the same scale used across every SYNE product, so an SPO can be read alongside a related ESG or Carbon Rating.
Three related opinions. Three different questions.
Issuers often need more than one of SYNE's services across the life of a single financing framework - each answers a different question, at a different point in time.
Is this framework credible?
Issued before pricing, on the framework itself - its structure, KPIs and governance - not the issuer's ongoing performance against it.
Was the KPI actually hit?
Issued after issuance, testing whether reported allocation figures or SPT performance are materially accurate.
How good is the issuer overall?
An ongoing, independent judgement of the issuer's or project's broader ESG, sustainability or carbon performance - not specific to one instrument.
Pre-issuance, once per framework
An SPO is typically issued once per framework, ahead of the first issuance under it, and referenced for subsequent issuances.
3–6 weeks, start to publication
Standard engagements run 3–6 weeks from framework submission to a published opinion; expedited reviews are available.
Published alongside the framework, by design
Unlike a private Climate Risk Assessment, an SPO is prepared to be distributed publicly to investors ahead of issuance.
Every opinion traces back to a published, external principle.
SYNE reviews frameworks against the same market-recognised principles issuers, underwriters and investors already use as a common language.
ICMA bond principles
The voluntary process guidelines governing labelled bond issuance.
LMA / LSTA / APLMA loan principles
The equivalent market principles governing labelled loan facilities.
Regulatory & taxonomy standards
Regional standards a framework may additionally be assessed against.
Independence & oversight
The standards governing SYNE's own conduct as an external reviewer.
Draft frameworks are reviewed confidentially. Issuers typically share a framework in draft, incorporate SYNE's recommendations, and publish the final opinion alongside the finalised framework ahead of issuance.
From a draft framework to a published opinion.
Most engagements move through the same four stages, whether the instrument is a green bond, a sustainability-linked loan, or a sovereign issuance.
Draft Framework Review
Issuer shares a draft framework and supporting documentation for initial review against applicable principles.
Component-by-Component Analysis
Each of the four core components - or five for SLB/SLL structures - assessed and scored independently.
Recommendations & Revision
Recommendations shared with the issuer, who may revise the framework before the opinion is finalised.
Opinion Issuance
Final opinion published alongside the framework, ready for distribution to underwriters and investors.
Opinions issued across 71 licensed countries.
SYNE's Second Party Opinions support issuers, underwriters and investors across every jurisdiction we're licensed in, from EU Green Bond Standard-aligned issuances to sovereign and corporate frameworks in emerging markets.
View the full country list →Each mark represents active coverage in one jurisdiction
The ratings and services this opinion connects to.
Second Party Opinions draw on SYNE's rating products for issuer context, and sit alongside the rest of SYNE's assurance and advisory services.
Get your framework opinion before you go to market.
Talk to our team about scoping a Second Party Opinion for a green, social, sustainability, or sustainability-linked instrument.