Tesco readies SLB to fund multi-bond buy-back

By Mike Turner
19 Jan 2021

Tesco has mandated banks for a debut sustainability-linked bond (SLB) from its freshly printed framework. The UK supermarket chain also joins the growing ranks of issuers taking advantage of low interest rates by launching a simultaneous liability management exercise.

Tesco, rated Baa3/BBB-/BBB-, has hired BNP Paribas and Citigroup as sustainability advisers and those two banks plus MUFG and RBC Capital Markets as bookrunners for an 8.5 year benchmark in euros.

The bonds will be linked to Tesco’s ability to reduce its greenhouse gas emissions by 60% for the ...

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