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.
