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Sustainability-Linked Bonds

Pilgrim's Pride: tender-ising the meat bond market

Written by Stephanie Mielnik & Josephine Richardson

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The food sector is under mounting pressure from the financial community due to its environmental impact. It accounts for a third of anthropogenic greenhouse gases emissions and is the largest driver of deforestation worldwide.

As financial institutions increase their biodiversity focus, food companies that do not effectively manage environmental risks face the possibility of being excluded from investment portfolios. This, in turn, may lead to an increase in their cost of capital.

The recent increase in bond issuances in the sector might indicate that food companies are anticipating difficulties surrounding securing funding in the future.

About the authors

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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