Nature loss

Assessing issuance and its relationship to biodiversity and nature impact, including the role of regulation, and reviewing fixed income market issuers that are systemically or individually exposed to nature loss.

All Bond spotlight Sustainability-Linked Bonds Climate risk pricing Fossil lending Nature loss Transparency Sovereigns and central banks Portfolio analysis Quantitative research

Pilgrim's Pride: tender-ising the meat bond market

06/10/2023

Pilgrim’s Pride’s issuance aims to assuage future financing concerns associated with deforestation

Le SLB d'Auchan, il change la vie?

22/09/2023

We analyse Elo Group's SLB, the impact of its KPIs, and the value of its optionality

The Forensic Carbon Accountant: JBS SLB

21/09/2023

JBS, a Brazilian meat producer, has issued three Sustainability-Linked Bonds and in this report we discuss the restatement of 2019 data

An overhead photo of a forest fire.

EU deforestation law: fire on the horizon for soy traders

13/09/2023

The EU has recently adopted regulation to remove deforestation from its supply chains

Minerva bond deal: beef up your due diligence

05/09/2023

Minerva is in the market with a $1bn 10y BB rated deal, to finance their acquisition of slaughterhouse assets from Marfrig

Marfrig to Minerva asset sale: decoding the wood from the trees

01/09/2023

Minerva has agreed to buy 16 slaughtering plants from competitor Marfrig, which poses substantial risks for Minerva investors over deforestation concerns

Bunge-Viterra merger: an ESG analysis

14/06/2023

In this report, we look at the implications of the merger between publicly listed Bunge and privately-owned Viterra.

ICA Gruppen green bond: deforestation risk

10/05/2023

In this report, we discuss the questions rasied by ICA Gruppen's inaugural green bond.

Cargill: EUR bond, EU deforestation risk

14/04/2023

In this report, we discuss Cargill's clear deforestation and land-use change exposures.

Kunming-Montreal agreements: a bond perspective

05/04/2023

In this report, we discuss how biodiversity exposures in investment portfolios are becoming important across the fixed income space.

JBS: A meaty SLB impact proposal

16/08/2022

In this report, we discuss how meat processing has a major role to play in tackling climate change.

Sri Lanka: restructuring with biodiversity links?

10/02/2022

Its natural to include sustainability criteria in a restructuring of Sri Lanka's USD bonds.

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