08/04/2026
2 minute read
Towngas Smart Energy’s USD SLB has reached its December 2025 observation date, with verification due by 30 April 2026. Disclosed photovoltaic (PV) capacity in its 2025 annual results meeting remains materially below target, indicating a likely miss of the Sustainability Performance Target (SPT).
The bond includes a 25bp coupon step-up if targets are not met, but given the short remaining tenor, the pricing impact is limited and not clearly reflected in current trading levels.
SLBs can help to rebuild investor confidence and establish accountability mechanisms that allow for better sustainability outcomes
Analysis on structures and pricing of SLBs using social targets
The Thai government is set to issue its inaugural Sustainability-Linked Bond (SLB) – the first in the ASEAN region
Upcoming emissions reporting is key for SLBs
Italian crossover issuer debuts SLB with stronger relative book cover than its vanilla issuance in March.
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