Transition bonds: not so sustainable after all

Installing solar panel rooftop from Adobe 9Jul20 575x375
By Mike Turner
20 Oct 2020

Enel, the Italian energy company, scored a number of firsts last week when it sold a sterling sustainability-linked bond. But the effect of that deal that might last the longest could be that it has brought about the end of transition bonds.

Enel’s £500m 1% 2027 bond was the first time any issuer had sold a public sustainability-linked bond (SLB) in sterling and the first time, as far as it is possible to tell in a private market, that a cross-currency swap hedging a new issue had been used that gave ...

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