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Novartis stirs debate with first social-linked step-up coupon bond

Novartis tower from co for use Sep20 575x375

Sustainability-linked bonds took a full year to get going after Enel, the Italian power and gas company, introduced the structure in September 2019. But they are now gathering pace. This week Novartis, the Swiss pharmaceutical company, printed a deal, just a week after Suzano, the Brazilian pulp and paper group, had become the second issuer.

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