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Table of contents
  1. Top 5 components of sustainability-linked financings
  2. Industry standards and relevant publications
  3. Green KPIs
  4. Social KPIs
  5. Industry specific KPIs
  6. Impacts on the characteristics of the financing
  7. Interview with Benoît Rousseau, Bel
  8. Interview with Laurie Chesné, Natixis
  9. Interview with Adam Parker and Catarina Martins, Mowi ASA
  10. Glossary

Sustainability KPIs in finance transactions

Sustainability-linked financing is still in its infancy, but it is already an integral part of today's financing landscape and looks set to remain into the future. Plenty of data and information exists, particularly on the KPIs of sustainability-linked financings, but it is scattered.

In this guide we have compiled, analysed and commented on all aspects of sustainability-linked financing to give you access to everything you need to know.

Top 5 components of sustainability-linked financings
Industry standards and relevant publications

In depth analysis of KPIs – Best practices in sustainable-linked financings

CMS conducted a detailed study of over 100 SLBs issued on the “public” (Eurobonds and EMTN) and “private” bond markets in Europe between January 2020 and April 2023. Such SLBs included more than 200 KPIs, which we classified into the following categories: Green, Social and Industry-specific (or a combination of these categories). Details on each category are available below.

CMS study of the KPIs used in SLBs – May 2023

* Expressed as a percentage of the relevant type of KPI in the total number of KPIs in the study.

Our analysis shows that green KPIs are the most used, far ahead of social KPIs and then industry-specific KPIs.

We conducted a separate study over the same period on SLLs. The majority of SLLs borrowers also use green KPIs (notably the reduction of greenhouse gas (GHG) emissions).

As more and more borrowers, issuers and investors adopt a sustainable finance approach, SLLs and SLBs are expected to keep flourishing, as a natural complement to green and social loans/bonds.

Our study details the KPIs used by issuers within each category of KPIs: select a category below to find out more about our in-depth analysis.

Green KPIs
Social KPIs
Industry specific KPIs
Impacts on the characteristics of the financing

Interviews with clients

Interview with Benoît Rousseau, Bel
Interview with Laurie Chesné, Natixis
Interview with Adam Parker and Catarina Martins, Mowi ASA

Expertise

ESG – Environmental, social and governance Banking & Finance

Examples of sustainability-linked financings on which CMS acted as legal adviser

Pusterla 1880 - €25,000,000 Sustainability-Linked Bond

February 2021 - CMS acted as legal adviser to the arranger

Imerys - €300,000,000 Sustainability-Linked Bond

May 2021 - CMS acted as legal adviser to the issuer

Bel - €315,000,000 Sustainability-Linked Schuldschein Loan

January 2023 - CMS acted as legal adviser to the issuer

Mowi - €1,800,000,000 Sustainability-Linked Facility

October 2021 - CMS acted as legal adviser to the borrower

Key contacts

Marc-Etienne-Sébire VDEF
Marc-Etienne Sébire
Partner
Global Co-Head of the CMS Banking & Finance Group
Paris
T +33 1 47 38 40 36
Pierre Maunand
Pierre Maunand
Associate
Paris
T +33 1 47 38 57 58
Philipp Melzer
Philipp Melzer
Partner
Rechtsanwalt
Frankfurt
T +49 69 71701 343
Ida-Johanne-Bohmann
Ida Johanne Bohmann
Senior Lawyer
Oslo
T +47 930 07 656
Alex Patience
Alex Patience
Partner
London
T +44 20 7367 2426
Dorottya Varga-Giesz
Dorottya Varga-Giesz
Senior Associate
Budapest
T +36 1 483 4879
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