Greece's PPC May Be Back on Track for ESG Bond Target, AFII Says [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
The development could mean investors won't get the penalty coupon payment that bond pricing currently indicates they're expecting, according to AFII, a research group that monitors debt markets. Sustainability-linked bonds typically require issuers to pay a so-called coupon step-up if they miss pre-determined environmental, social or governance goals. The PPC development would mark a turnaround for the state-owned firm. Its failure to reach an end-2022 emissions goal tied to a 2026 SLB sparked speculation that it would also be unable to meet its next end-of-year target, which is tied to a 2028 SLB. In the event the 2028 bond avoids the coupon step-up, it will probably underperform its 2026 peer, which is trading at a higher coupon after its target was missed, Jo Richardson, the AFII's head of research, told Bloomberg. “This new information seems yet to be digested by the market,” she said. The market for SLBs hasn't been around for long, and investors are still figuring out how
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