However, not all these bonds are alike. This research note explores the many differences between the issuances – from the Key Performance Indicators (KPIs) used, to the step-ups and payout structures employed. Indeed, Carrefour serves as a helpful reminder to SLB investors that instruments sold by the same issuer do not always behave the same way, and should not be valued the same way, either.
Furthermore, the note scrutinises the KPIs used to set Carrefour’s Sustainability Performance Target, and historic performance of these metrics. These encompass Scope 1+2 emissions, some Scope 3 emissions, packaging, and food waste. We conclude that one target looks harder to achieve than the others, which have either already been met or seem unambitious.
