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Sustainability-Linked Bonds

Grupo Aeroportuario del Pacífico: emissions in focus

Written by Jonas David

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Grupo Aeroportuario del Pacífico is expected to report on scope 1 and 2 emissions, which will determine the achievement of its end-2025 targets that are embedded in five MXN-denominated SLBs. If targets were missed, which appears likely, this could impact the pricing of bonds.

We assess GAP’s progress of emissions reduction and five SLBs from a pricing perspective. Based on emissions and passenger trend in recent years, we rank the bond as Likely MISS. 

The two SLBs maturing in 2026 could receive premium payments of 0.2% at maturity. Meanwhile, the coupon could step up for the three other SLBs.

Current market pricing suggests there is little value assigned to these potential step-ups at the moment.

About the author

Jonas David

Jonas David

Research Director

Based in London, Jonas researches the role of fixed income markets in the climate transition, focusing on key sectors, sovereigns and development finance. He previously worked in emerging markets fixed income at Morgan Stanley Investment Management and UBS.

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