The new bond maps to Mundys’ 2025 Sustainability-Linked Financing Framework (also used by its 2025-issued bond), which tightens and restructures several KPIs relative to the 2023 Framework. Targets now extend to 2030, replacing earlier 2027 interim milestones, and shift from subsidiary-level pass/fail metrics to direct Group-level intensity measures.
Notably, the Scope 3 KPI now targets a 22% reduction in motorway purchased goods and services GHG intensity versus 2019, while the airport KPI shifts from airline engagement to a direct 18.9% reduction in ADR Fiumicino LTO CO₂e per passenger versus a 2024 baseline. This same LTO target appears in two ADR SLBs, indicating strong coordination between parties exposed to these Scope 3 emissions.
The renewable electricity target has also been raised from 77% to 90% by 2030. As a high-yield rated issuer in a hard-to-abate sector, Mundys’ continued and deepening use of the SLB structure could suggest investors value this transparency to support ongoing market access.
