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.

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

Transition power, a JGB SLB, prints in USD


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

Factories emitting pollution.

Adani’s SLB: Likely to meet its weak targets


The electricity provider AEML's SLB should be considered in the context of the wider Adani Group strategy on coal.

A financial analyst’s Bloomberg keyboard layout.

STT GDC issues a Sustainability-Linked Perpetual


STT GDC’s sustainability-linked perpetual issuance shows its commitment to sustainable financing

Enel SLBs: Q3 results off-track for 2023 target


Enel's Q3 results show that its 2023 emissions intensity target will be challenging to achieve

Novartis SLB: twin bond divergence


We review pharmaceutical giant Novartis' Sustainability-Linked Bond

A row of wind turbines at dawn.

SLBs: a summary of 2023 targets


Ten SLB issuers, and twenty bonds, will observe their KPIs in 2023

Enel SLBs: market update


A market update on Enel's SLBs performance, following our October analysis

Contingent Resilience-Linked (CORL) bonds: combining public and private capital for resilience


We propose a new bond structure to increase private investment in sustainable development

Enel SLBs: update on 2023 observation date


Will Enel SLBs meet their Sustainability Performance Targets?

Pilgrim's Pride: tender-ising the meat bond market


Pilgrim’s Pride’s issuance aims to assuage future financing concerns associated with deforestation

Nordea SLLB: driving for a sustainability-linked future


We discuss Nordea's innovative Sustainability-Linked Loan structure