Sustainability-Linked Bonds

Sustainability-Linked Bonds (SLB) are financial instruments with powerful potential to support the climate transition of corporates and governments. Our academic and market-based research provides investors with models and tools to construct and invest in SLBs with ambitious targets.

All Bond spotlight Sustainability-Linked Bonds Climate risk pricing Fossil lending Nature loss Transparency Sovereigns and central banks Portfolio analysis Quantitative research
A row of wind turbines at dawn.

Air France-KLM: Come fly with SLBs

09/01/2023

Air France-KLM comes to the market with two SLBs.

A row of wind turbines at dawn.

One small step for Orlen, one giant leap for the SLB market

29/11/2022

An exploration of the triggering of a sustainability-related financial penalty for PKN Orlen.

A row of wind turbines at dawn.

A review of SLBs approaching KPI observation dates

17/11/2022

In this report, we explore how SLBs can be expected to behave as they go through their “trigger” dates.

A row of wind turbines at dawn.

An option pricing approach for Sustainability-Linked Bonds

08/11/2022

This paper aims to encourage issuers to set robust sustainability targets when structuring SLBs.

A magnifying glass zooming in on some statistics.

Sembcorp: Carbon footprint arbitrage of a lifetime

06/11/2022

In this report, we discuss Sembcorp's sale of thermal coal power in India.

A row of wind turbines at dawn.

Notes on risk-neutral pricing of SLBs and step-down structures

25/10/2022

In this report, we analyse SLB structures through a binomial approach.

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.

Enel: A case study in transition finance using SLBs

25/07/2022

In this report, we discuss Italian Enel's prolific use of SLBs.

A row of wind turbines at dawn.

SLB bond radar: Eni (potentially) coming to market

19/07/2022

Italian oil company Eni to come to market with an SLB.

Chile sustainability-linked bond: Optionality analysis

05/04/2022

Chile’s SLB issuance is constructed with a set of robust KPIs.

A magnifying glass zooming in on some statistics.

Anthropocene Fixed Income Market Themes 2022

30/12/2021

A list of themes that we find interesting for climate practitioners going into the new year.

A financial analyst’s Bloomberg keyboard layout.

Adani and what could be the world's coolest SLB

14/07/2021

In this report, we suggest an alternative coupon for Adani's SLB.

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