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

14/05/2024

Greek utility links SLB target ambition with rapid emissions reduction

Enel SLBs: fortes fortuna juvat

26/04/2024

Dramatic target miss shows value of SLB step-ups

The steps of a government building.

Proposal: South Korea USD new bond issuance

12/04/2024

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

26/03/2024

Sustainability Performance Target miss leads to 12.5bps step-up

Enel SLBs: FY 2023 generation figures released

22/03/2024

Enel announces its 2023 generation mix

Relative value is in the eye of the Ahold-er

18/03/2024

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)

13/03/2024

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

JERA: An enhanced SLB proposal for ambitious transition

29/02/2024

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

Here we go Orlen: SLBs step back down

28/02/2024

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

The Forensic Carbon Accountant: Snam SpA SLB

26/02/2024

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

PPC: Coal decommissioning success impacts SLBs

19/02/2024

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)

15/02/2024

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