ICMA Sustainable Finance webinar series: SLB Market - Sovereign SLBs
SLBs issued by sovereigns have been acknowledged as ‘landmark transactions’ in the SLB market, presenting a new opportunity for investors to assess government commitment and capacity to manage ESG risks e.g. sovereign-level climate risks. SLBs offer an opportunity for investors to engage with sovereign-level commitments, for example,in delivery of the Nationally Determined Contributions associated with the Paris Agreement on Climate Change - integrating these voluntary commitments into a debt structure provides a strong sense of policy accountability to the market across government cycles. However, since the SLBs were primarily designed for corporate issuers, the issuance of such products has raised specific questions for public entities.
When sovereigns come to market with SLBs, what areas should their KPIs be targeting? What benchmarks would be relevant? How investors assess alternative structures such as step-downs? How the ambition of a sovereign issuer’s SPT can be estimated?
Moderated by:
- Cédric Merle, Centre of expertise & Innovation, Natixis CIB Green & Sustainable Hub
- Paul O'Connor, Head of EMEA Sustainable Finance - J.P. Morgan
Guest panellists:
- Victoria Buscio, Lead Advisor at the Sovereign Debt Management Office (DMO) - Ministry of Economy and Finance of Uruguay
- Barbara Oldani, Lead of the Sustainable Sovereign Debt Hub - NatureFinance
- James Seward, Senior Financial Officer - World Bank Treasury
- Malika Takhtayeva, ESG Analyst, Sustainable Fixed Income Lead - BNP Paribas Asset Management
Please send any queries to sustainabilitybonds@icmagroup.org
Click here to view the recording.
