17/03/2025
8 minute read
Ahold Delhaize’s recently issued Sustainability-Linked Bond (SLB) is another milestone on the multinational retailer’s sustainability journey. The new instrument re-uses Ahold's two Scope 3 targets, including those coming from land-use change.
Analysis of the SLBs, however, shows that the bonds have different step-up structures, and the latest bond carries the greatest potential option value due to its higher step-up materiality.
In this note, we also discuss Ahold’s performance trajectory, potential challenges in meeting its 2030 targets, and how investors can leverage this information in their decision-making.
Retail giant offers investors green, vanilla, and SLB debt in three-tranche deal
Introducing a new way to track issuers exposed to deforestation-linked commodities
Given KNOC's tar sand exposure, syndicating banks should request a carbon footprint on behalf of KNOC.
PPC’s Jan 2024 capital market day revealed strong coal decommissioning, with implications for SLB investors.
Recent developments put KfW's green bond investors in an awkward position.
We compare a large sample of SLBs with traditional bonds, to identify relative trends of callability
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