Italian multinational tyre manufacturer Pirelli benefitted from an exceptional market reception for its inaugural €600 million Sustainability-Linked Bond (SLB) issue; a first in the industry with an orderbook almost six times oversubscribed. The SLB, priced on 11 January, is also Pirelli’s inaugural rated bond, assigned with investment grade ratings by S&P Global Ratings and Fitch Ratings. The transaction targets emissions reduction goals validated by the Science Based Targets Initiative (SBTi) and is aligned with a 1.5-degree scenario. These include: KPI 1: Absolute Scope 1 and 2 GHG emissions reduction by 42% by…
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