Creditors Lose Some Rights as ESG Bond Market Allows Legal Tweak [Financial Post (Toronto, Ontario, Canada)]
ACCOR SA SPNS/ADR (ACCYY)
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Source: Financial Post
(Bloomberg) — In one of the hottest corners of ESG debt, issuers have started altering documents so they can change their targets without getting bondholders' permission. Tried, tested and reviewed: On Cloudmonster running shoes Advertisement It's a variation on the sustainability-linked bond, which generally requires an issuer to meet pre-determined environmental, social or governance goals within a given timeframe, or face higher borrowing costs. The more flexible version of the SLB allows issuers to adjust those targets under certain conditions, without incurring a penalty. “The current wording of these fallbacks gives a relatively high degree of discretion to the borrower,” said Arthur Krebbers, head of corporate climate and ESG capital markets at NatWest Markets Plc. For now, such flexible SLBs make up a tiny fraction of the wider ESG debt market, which Bloomberg Intelligence estimates will mushroom to $15 trillion by 2025. But bankers watching the development say the
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