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AlwaysFree: Odfjell’s First Sustainability-Linked Bond Offering Overbooked


Norwegian tanker operator Odfjell said its sustainability-linked bond offering was overbooked. The company said last week that it targeted a minimum of $60 million but raised $100 million in bonds with a maturity date of January 2025. Odfjell’s sustainability-linked bond is the first of such an offering in the international shipping industry and in all industries in the Nordic region.

The innovative financing structure rewards or penalizes the company for its ability to reach documented results on preselected targets for its sustainability efforts. For Odfjell, it was linked to its efforts to cut greenhouse gas emissions. DNB Markets, Nordea, and SEB were the underwriters for the bond offering.

Odfjell’s sustainability-linked bond was issued under the Sustainability-Linked Finance framework developed by the International Capital Market Association. This unique bond attracted investors focusing on companies’ ESG (Environmental, Social, and Governance) aspects. ENEL, Novartis, and Channel also launched their first sustainability-linked bonds in 2020.

Tags: All Products,AlwaysFree,Central and East Europe,English,Europe

Published on January 18, 2021 5:16 PM (GMT+8)
Last Updated on January 18, 2021 5:16 PM (GMT+8)