Sustainability-Linked Bonds

Sustainability-Linked Bonds (SLB) are financial instruments with powerful potential to support the climate transition of corporates and governments. Our academic and market-based research provides investors with models and tools to construct and invest in SLBs with ambitious targets.

PPC: a Heraclean decarbonisation


Greek utility links SLB target ambition with rapid emissions reduction

Enel SLBs: fortes fortuna juvat


Dramatic target miss shows value of SLB step-ups

The steps of a government building.

Proposal: South Korea USD new bond issuance


On 8 April, South Korea issued a request for proposal for an off-shore bond: AFII proposes a sustainability-linked structure based on the issuer’s decarbonisation targets.

L&Q Housing Trust SLB ‘builds’ in a coupon step-up


Sustainability Performance Target miss leads to 12.5bps step-up

Enel SLBs: FY 2023 generation figures released


Enel announces its 2023 generation mix

Relative value is in the eye of the Ahold-er


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

JERA:野心的トランジションに向けた拡張SLBプロポーザル (JERA SLB)


"Transition-linked bond" lacks materiality of an enhanced SLB

JERA: An enhanced SLB proposal for ambitious transition


"Transition-linked bond" lacks materiality of an enhanced SLB

Here we go Orlen: SLBs step back down


PKN Orlen’s upgraded ESG rating reverses an earlier SLB coupon step-up.

The Forensic Carbon Accountant: Snam SpA SLB


Snam’s recent SLB includes targets for Scope 3 emission reductions. We analyse the completeness of its commitments.

PPC: Coal decommissioning success impacts SLBs


PPC’s Jan 2024 capital market day revealed strong coal decommissioning, with implications for SLB investors.

日本のサステナビリティ・リンク・ボンドのプロポーザル (Japan SLB proposal)


We show how Japan’s Climate Transition Bond could be complemented with an SLB, to boost its green credentials