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Emerging MarketsEM LatAm

Investors welcome 65bp step-up on Natura SLB

Natura, Avon, Body Shop, Aesop, make-up, cosmetics, LatAm, Brazil, beauty, 575

Brazilian cosmetics group Natura sold a sustainability-linked bond (SLB) on Monday offering an exceptionally high coupon step-up of 65bp if it does not meet sustainability targets. Though the greater increase was to compensate for the shorter time between the potential step-up and maturity than on most SLBs, it succeeded in grabbing the attention of EM bond buyers.

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