Co-op bond works well as high yield, green angle incidental

Co-operative Co-op logo food shop from Alamy 230x150
By Jon Hay
08 May 2019

The Co-operative Group, the UK food retailer and provider of funeral, legal and insurance services, launched its first sustainable bond on Wednesday and achieved impressive demand. But that had little to do with its ethical characteristics.

Barclays (billing and delivering), ING (sustainability adviser) and Lloyds Bank were bookrunners.

Green and sustainable bonds are rare in sterling, rare from UK companies, rare from high yield issuers — and hardly ever appear in the retail sector.

As GlobalCapital reported on Tuesday, Co-op’s designation of the proceeds as ...

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