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12 November 2019
Green Bond Insights Fixed Income
Global
Beyond green bonds
Enel’s four sustainable development goal (SDG) linked bonds
offer an alternative to green bonds
In one respect they represent a backward step, as the bond
proceeds do not have to be spent on green projects…
…but the coupon step-up language linked to corporate
environmental targets makes up for this, we think
SDG-linked bonds
Italian utility Enel issued four sustainable development goal (SDG) linked bonds,
containing 25bp step-up language if Enel does not meet key green targets. We like Michael Ridley
Global Head of ESG Fixed Income Research
the coupon step-up language. But we see these bonds’ general corporate purpose HSBC Bank plc
nature as a backward step versus the ‘use of proceeds’ format used by green bonds; michael.a.ridley@
+44 20 7991 5918
as Enel does not have to spend its bonds’ proceeds on green projects.
Dominic Kini
We expect more issuers to adopt similar green coupon step-up SDG-linked bonds. Analyst, Quantitative Credit Strategy
HSBC Bank plc
But we do not expect the green bond format to be superseded: we see a role for both dominic.kini@
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