Hall of Shame – I

The following financial institutions beginning with “I” appear in the 2014 Don’t Bank on the Bomb Hall of Shame. For the full list, or to lookup financial institutions by country, please see here.

“ICAP

ICAP has made an estimated 8 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the underwriting of bond issuances by ICAP (India) for the nuclear weapon companies since January 2011.

Underwriting of bond issuances by ICAP

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Larsen & Toubro L&T Finance Ltd 6 2 27-Mar-2014
6 2 27-Mar-2014
6 2 27-Mar-2014
6 2 27-Mar-2014

Source: Thomson ONE Banker, “Bond and share issue underwritings”, viewed August 2014.

“ICICI

ICICI Bank has made an estimated 82 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the underwriting of bond issuances by ICICI Bank (India) for the nuclear weapon companies since January 2011.

Underwriting of bond issuances by ICICI Bank

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Boeing Boeing Capital Corp 250 9 28-Jul-2011
Larsen & Toubro L&T Finance Holdings Ltd 51 20 14-Dec-2012
L&T Finance Ltd 8 2 20-Mar-2014
30 8 06-Sep-2014
36 5 13-Jun-2014
37 14 29-Oct-2013
45 6 13-Jun-2014
36 9 14-Jun-2012
36 9 14-Jun-2012

Source: Thomson ONE Banker, “Bond and share issue underwritings”, viewed August 2014.

“IDFC

IDFC has made an estimated 10 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the underwriting of bond issuances by IDFC (India) for the nuclear weapon companies since January 2011.

Underwriting of bond issuances by IDFC

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Larsen & Toubro L&T Finance Ltd 18 5 17-May-2013
18 5 17-May-2013

Source: Thomson ONE Banker, “Bond and share issue underwritings”, viewed August 2014.

“Illinois

Illinois Mutual Life Insurance has made an estimated 5 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Illinois Mutual Life Insurance (United States) owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Bondholdings managed by Illinois Mutual Life Insurance

Company Country Total value (US$ mln) % Outstanding Filing date
Fluor United States 5 0.60 31-Mar-2014

Source: Bloomberg, “Aggregated debt”, viewed in August 2014.

“Impala

Impala Asset Management has made an estimated 123 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Impala Asset Management (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Impala Asset Management

Company Country Total value (US$ mln) % Outstanding Filing date
Fluor United States 123 1.02 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

“Industrial

Industrial and Commercial Bank of China has made an estimated 233 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the loans provided by Industrial and Commercial Bank of China (China) to the nuclear weapon companies since January 2011.

Loans provided by Industrial and Commercial Bank of China

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Airbus Group EADS 4,345 76 14-Mar-2011
Boeing Boeing Co 2,300 42 11-May-2011
2,300 42 11-May-2011
Honeywell International Honeywell International Inc 4,000 73 18-Nov-2013

Source: Thomson ONE Banker, “Loans”, viewed August 2014.

“ING

ING Group has made an estimated 344 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the loans provided by ING Group (Netherlands) to the nuclear weapon companies since January 2011.

Loans provided by ING Group

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Airbus Group EADS 4,345 76 14-Mar-2011
Fluor Fluor Corp 1,800 180 07-Nov-2012

Source: Thomson ONE Banker, “Loans”, viewed August 2014.

The table below provides an overview of the underwriting of bond issuances by ING Group (Netherlands) for the nuclear weapon companies since January 2011.

Underwriting of bond issuances by ING Group

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Fluor Fluor Corp 500 20 09-Aug-2011

Source: Thomson ONE Banker, “Bond and share issue underwritings”, viewed August 2014.

The table below provides an overview of the nuclear weapon companies of which ING Group (Netherlands) owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Bondholdings managed by ING Group

Company Country Total value (US$ mln) % Outstanding Filing date
Honeywell International United States 48 0.77 31-Mar-2014
Leidos United States 10 0.77 31-Mar-2014
Rockwell Collins United States 10 0.62 31-Mar-2014

Source: Bloomberg, “Aggregated debt”, viewed in August 2014.

“International

International Value Advisors has made an estimated 77 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which International Value Advisors (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by International Value Advisors

Company Country Total value (US$ mln) % Outstanding Filing date
Thales France 77 0.56 31-Mar-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

“Intesa

Intesa Sanpaolo has made an estimated 1,147 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the loans provided by Intesa Sanpaolo (Italy) to the nuclear weapon companies since January 2011.

Loans provided by Intesa Sanpaolo

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Airbus Group EADS 4,345 76 14-Mar-2011
Boeing Boeing Co 2,300 42 11-May-2011
2,300 42 11-May-2011
Finmeccanica Finmeccanica SpA 3,001 106 09-Jul-2014
Honeywell International Honeywell International Inc 2,800 62 17-Mar-2011
3,000 129 30-Mar-2012
4,000 73 18-Nov-2013
Northrop Grumman Northrop Grumman Corp 500 13 18-Aug-2012
Raytheon Raytheon Co 1,400 76 13-Dec-2011
ThyssenKrupp ThyssenKrupp AG 2,751 75 07-Mar-2014

Source: Thomson ONE Banker, “Loans”, viewed August 2014.

The table below provides an overview of the underwriting of bond issuances by Intesa Sanpaolo (Italy) for the nuclear weapon companies since January 2011.

Underwriting of bond issuances by Intesa Sanpaolo

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Boeing Boeing Capital Corp 250 9 28-Jul-2011
Boeing Co 350 10 30-Apr-2013
Finmeccanica Finmeccanica Finance SA 339 20 17-Jan-2014
777 71 28-Nov-2012
950 59 26-Nov-2013
Fluor Fluor Corp 500 20 09-Aug-2011
Honeywell International Honeywell International Inc 300 10 18-Nov-2013
700 23 18-Nov-2013
600 33 14-Feb-2011
800 44 14-Feb-2011
Northrop Grumman Northrop Grumman Corp 850 26 28-May-2013
950 29 28-May-2013
1,050 32 28-May-2013

Source: Thomson ONE Banker, “Bond and share issue underwritings”, viewed August 2014.

The table below provides an overview of the nuclear weapon companies of which Intesa Sanpaolo (Italy) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Intesa Sanpaolo

Company Country Total value (US$ mln) % Outstanding Filing date
Rockwell Collins United States 71 0.67 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

“Invesco

Invesco has made an estimated 4,928 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Invesco (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Invesco

Company Country Total value (US$ mln) % Outstanding Filing date
Babcock & Wilcox United States 115 3.29 30-Jun-2014
BAE Systems United Kingdom 2,335 9.99 17-Jun-2014
Fluor United States 210 1.73 30-Jun-2014
Gencorp United States 6 0.56 30-Jun-2014
General Dynamics United States 540 1.39 30-Jun-2014
Honeywell International United States 369 0.51 30-Jun-2014
Jacobs Engineering United States 164 2.31 30-Jun-2014
Northrop Grumman United States 125 0.50 30-Jun-2014
Raytheon United States 336 1.17 30-Jun-2014
Serco United Kingdom 341 9.98 21-May-2014
Textron United States 373 3.49 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

The table below provides an overview of the nuclear weapon companies of which Invesco (United States) owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Bondholdings managed by Invesco

Company Country Total value (US$ mln) % Outstanding Filing date
Gencorp United States 13 1.64 08-Sep-2014

Source: Bloomberg, “Aggregated debt”, viewed in August 2014.

“Invest

Invest AD has made an estimated 76 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the loans provided by Invest AD (United Arab Emirates) to the nuclear weapon companies since January 2011.

Loans provided by Invest AD

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Raytheon Raytheon Co 1,400 76 13-Dec-2011

Source: Thomson ONE Banker, “Loans”, viewed August 2014.

“IONIC

IONIC Capital Management has made an estimated 54 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which IONIC Capital Management (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by IONIC Capital Management

Company Country Total value (US$ mln) % Outstanding Filing date
Gencorp United States 49 4.41 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

The table below provides an overview of the nuclear weapon companies of which IONIC Capital Management (United States) owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Bondholdings managed by IONIC Capital Management

Company Country Total value (US$ mln) % Outstanding Filing date
Gencorp United States 5 0.57 30-Jun-2014

Source: Bloomberg, “Aggregated debt”, viewed in August 2014.

 

Hall of Shame Methodology

Which financial institutions are involved in the financing of the selected nuclear weapon companies was researched using annual reports, stock exchange filings and other publications of the companies concerned, archives of trade magazines, local newspapers and the financial press as well as specialized financial databases (Thomson ONE, Bloomberg). Used resources are clearly mentioned.

Financial institutions can be involved in financing companies by providing corporate loans, by assisting companies with share- and bond issues, and by (managing) investments in shares and bonds of these companies. For asset managers and pension funds, the only relevant type of financial involvement is (managing) share- and bondholdings of the selected companies.

In this report, we have focussed on the financial institutions which are found to have most significant financing relationships with one or more of the selected nuclear weapon companies. To select these financial institutions, the following criteria are used:

  • All financial institutions involved in loans and underwriting deals for one or more of the companies since 1 January 2011;
  • All financial institutions which own at least 0.5% of the outstanding shares or bonds of at least one of the companies.

What is included

Each section provides the following information for each financial institution:

The types of financial relations which the financial institution has with one or more nuclear weapon companies. The relations are grouped by loans, investment banking and asset management. Financial activities are listed alphabetically by nuclear weapons company for each category.

The name of the receiving company, the amount, the date and (if known) the purpose for each financial relation.

All data is presented in tables. For loans, the first column represents the names of the selected companies that received the loans, the second column shows which subsidiary or part of the selected company has issued the loan. The third column is the purpose of the loan. The fourth column (# FI’s), shows the number of financial institutes participating in loans as loans are often offered by a syndicate of financial institutions. The fifth column represents the value of the total loan offered by the syndicate to the company. The sixth column is the amount for which this specific financial institute participated in the loan. This amount is calculated depending on the role the financial institute plays in the syndicate, as explained below. The last column shows the date the loan was issued.

The tables for underwriting of share and bond issuances have the same columns. The method for calculating these the value per financial institute can be below.

The tables for share and bondholdings managed by the financial institutions show the nuclear weapon producing companies, the country in which this company is situated, the percentage of all bonds or shares outstanding hold or managed by the specific institution, and the total value of the shares or bonds held by the financial institution in the indicated company.

When comparing this report with last years report please keep in mind that we have excluded some Indian sources due to recently identified errors in the Bloomberg databases regarding Indian Mutual Funds.

The financial institutions identified include banks, pension funds, sovereign wealth funds, insurance companies and asset managers from many different countries. They have provided various types of financial services to nuclear weapon companies.