23/10/2025
3 minute read
Italian wireless network infrastructure company INWIT issued its first ever ESG-labelled instrument, a EUR850 million Sustainability-Linked Bond (SLB) maturing in 2032. The bond is tied to a Sustainability Performance Target (SPT) of a 37% absolute reduction in Scope 1, 2 and 3 emissions by 2030 from a 2020 baseline.
With SLB issuance volumes muted relative to their 2021 peak, the entry of a crossover issuer into the SLB market is a positive sign.
The SLBs book cover ratio shows potentially stronger relative demand than an earlier INWIT vanilla transaction this year, aligning with broader 2025 data suggesting that EUR corporate ESG-labelled deals attracted higher book cover ratios than vanilla ones.
245 SLBs have target observations in 2025 – an important test for the market
Italian utility Enel’s move from pioneering Sustainability-Linked Bonds to conventional debt raises questions.
In this report, we discuss Carrefour's four SLBs and their performance so far.
In this report, we detail the largest exposures to Adani Ports.
We see a potential bond pipeline forming following the large Aramco pipeline network transactions.
2025 is a watershed year for Sustainability-Linked Bonds (SLBs).
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