03/03/2026
3 minute read
Ahold has three SLBs outstanding, one of which observed its target for its two KPIs at the end of 2025. Both targets were achieved.
The 2030-maturity bonds, that observe targets in 2025, was issued under Ahold's first financing framework. Its subsequent framework offered more ambitious 2025 targets which were not used in any SLBs. What complicates this picture is that for one KPI, food waste intensity, the SLB target was achieved, but the stretch target was missed.
Current bond pricing suggests the market may be expecting a step-up coupon on this bond. However, as the SLB target was met, no step-up coupon will be due.
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