11/12/2024
2 minute read
Sdiptech issued its FRN SLB in Aug 2023, which has just been tapped at 105.25%, highlighting very strong performance over the interim period.
The bond has performed very strongly since issuance, outperforming index tightening.
Recent sustainability performance suggests the KPI is off-track, which gives option value to the bond.
Most interestingly though, is the language around the bond's call option. The option is struck including the full SLB premium payment until it has been confirmed that the target has been achieved. This comprehensively addresses any criticisms that issuer calls are used to avoid paying step-up coupons.
We compare a large sample of SLBs with traditional bonds, to identify relative trends of callability
Deutsche Post's SLB could establish an encouraging trend in supporting emissions reduction in the transport sector.
Snam’s recent SLB includes targets for Scope 3 emission reductions. We analyse the completeness of its commitments.
We review pharmaceutical giant Novartis' Sustainability-Linked Bond
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