Nature loss

Assessing issuance and its relationship to biodiversity and nature impact, including the role of regulation, and reviewing fixed income market issuers that are systemically or individually exposed to nature loss.

Relative value is in the eye of the Ahold-er


Retail giant offers investors green, vanilla, and SLB debt in three-tranche deal

McDonald’s deforestation footprint: We’re not lovin’ it


McDonald's is a major contributor to tropical deforestation, and investors should closely monitor its impact.

RDCP: Deforestation exposure in liquid credit portfolios


In this report we introduce our Representative Deforestation Credit Portfolio, a tool for analysing the extent of deforestation in liquid credit portfolios

Le SLB d'Auchan, il change la vie?


We analyse Elo Group's SLB, the impact of its KPIs, and the value of its optionality

The Forensic Carbon Accountant: JBS SLB


JBS, a Brazilian meat producer, has issued three Sustainability-Linked Bonds and in this report we discuss the restatement of 2019 data

An overhead photo of a forest fire.

EU deforestation law: fire on the horizon for soy traders


The EU has recently adopted regulation to remove deforestation from its supply chains

Minerva bond deal: beef up your due diligence


Minerva is in the market with a $1bn 10y BB rated deal, to finance their acquisition of slaughterhouse assets from Marfrig

Marfrig to Minerva asset sale: decoding the wood from the trees


Minerva has agreed to buy 16 slaughtering plants from competitor Marfrig, which poses substantial risks for Minerva investors over deforestation concerns

Bunge-Viterra merger: an ESG analysis


In this report, we look at the implications of the merger between publicly listed Bunge and privately-owned Viterra.

ICA Gruppen green bond: deforestation risk


In this report, we discuss the questions rasied by ICA Gruppen's inaugural green bond.

Cargill: EUR bond, EU deforestation risk


In this report, we discuss Cargill's clear deforestation and land-use change exposures.

Kunming-Montreal agreements: a bond perspective


In this report, we discuss how biodiversity exposures in investment portfolios are becoming important across the fixed income space.