Pirelli launches first ever benchmark sustainability-linked bond for the tyre sector

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…

Read More

Tesco launches sustainability-linked bond of £400m

Tesco has launched its second sustainability-linked bond linked to the Company’s commitment to reduce greenhouse gas emissions. Tesco was the first business globally to set a zero-carbon goal in 2009 and later the first FTSE 100 Company to set science-based carbon reduction targets on a 1.5-degree trajectory. The launch of a second sustainability-linked bond further demonstrates the strength of our commitment to reduce our impact on the environment by reaching our target of reducing GHG emissions by 60% by 2025 (against a 2015/16 baseline). The sterling bond has a coupon…

Read More

Atos announces the successful placement of its inaugural €800 million sustainability-linked bond

Atos has announced the successful placement of its first sustainability-linked bond issue for an aggregate amount of €800 million with an 8-year maturity and a 1.0% coupon. The coupon of the last 3 years will be unchanged if Atos achieves the following Sustainability Performance Target (SPT): reduction in 2025 of Atos’ annual GreenHouse Gas CO2 emissions (Scopes 1, 2 & 3) by 50% compared to 2019. This target is aligned with the most demanding objective of the Science-Based Target initiative (SBTi), which aims to keep global warming at 1.5°C. In…

Read More

Teva Becomes First Pharmaceutical Company to Execute Sustainability-Linked Bond Tied to Both Climate and Access to Medicine Targets

Teva Pharmaceutical Industries Ltd. announced ambitious commitments to address two of today’s greatest global crises—access to medicines and climate change—tied to its recently issued $5 billion sustainability-linked bond. The bond is linked to three targets, including a 25% reduction in Scope 1 and 2 greenhouse gas (GHG) emissions and a 150% increase in access to essential medicines for patients in low- and middle-income countries (LMICs) by the end of 2025. “A key part of our environmental, social and governance (ESG) efforts is helping the world in ways we’re uniquely positioned…

Read More

Enel places record-breaking multi-tranche 4 billion U.S. dollar Sustainability-Linked bond in the U.S. and international markets

Enel Finance International N.V. has launched a multi-tranche Sustainability-Linked bond for institutional investors in the U.S. and international markets totaling 4 billion U.S. dollars, equivalent to about 3.4 billion euros. “In the coming years we will see a strong acceleration of SDG-aligned investments, which will represent a key lever in creating long-term sustainable value for everyone”, said Enel CFO Alberto De Paoli. “In line with our business model, which places sustainability at the center of our choices, we continue to accelerate the achievement of our sustainable finance targets, with an…

Read More