The new bond sets Scope 1+2 and Scope 3 intensity targets to 2030, going further than the 2028 targets in SPIE's 2025-issued SLB. The Scope 3 KPI notably covers 94% of group emissions, strengthening the link between financing and the company's full emissions footprint.
The step-up on the new bond is 0.15% per missed target, lower than the 0.25% on the 2030s. Using an illustrative 50% probability of missing each target, AFII estimates roughly 2.8bp of option value versus 5.9bp for the 2030s — a point worth noting as the market develops more granular SLB pricing discipline.
