Sustainability-Linked Bonds

Ampol Sustainability-Linked Perpetual may miss a target

Written by Emiel Loh & Josephine Richardson

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On 23 Feb 2026, Australian Oil and Gas company Ampol Limited will report on whether it has achieved two of its Sustainability Performance targets (SPTs) for its Sustainability-Linked Perpetual (SLP).

Unplanned events affecting Ampol’s Lytton refinery could mean the company is unable to meet its 5% reduction in total emissions intensity SPT, and we rate the SLP likely MISS.

An SPT miss will result in the call price of the SLP increasing by 1%, a miss that the market does not appear to be anticipating.

About the authors

Emiel Loh

Emiel Loh

Emiel was formerly a Research Analyst at AFII.

Josephine Richardson

Josephine Richardson

Managing Director, Head of Research

Based in London, Jo leads AFII’s research and a global team supporting fixed income investors as they align their portfolios with climate and sustainability goals. She joined AFII after 18 years in fixed income markets at JPMorgan.

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