Co-op’s triply rare green bond for Fairtrade goods

Fairtrade bananas from Alamy 230x150
By Jon Hay
07 May 2019

The Co-operative Group, the UK food retailer, undertaker, insurer and legal services provider, has announced a £250m sustainable bond issue which will be unusual in three ways. Green and sustainable bonds are rare in the UK and rare in the high yield market, while the use of proceeds Co-op is planning is close to unique.

Barclays is billing and delivering bookrunner on the bond, for which ING, also a bookrunner, was sustainability adviser. Lloyds Bank is a third bookrunner. Vigeo Eiris has provided a second opinion. S&P is expected to rate the bond BB.

The issuer held an investor call on Tuesday for ...

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