As the sustainability-linked bond (SLB) market gathers momentum, it has expanded to include high yield issuers and investors. The first European high yield SLB has come from Public Power Corporation (PPC), a Greek utility notorious for its historical dependence on lignite, or brown coal. HSBC was joint global coordinator and sole SLB structuring adviser.
PPC – or Dimosia Epicheirisi Ilektrismou, as it is at home – is part of the country’s national fabric. “It is synonymous with Greece,” says Alexandra Konida, head of wholesale banking at HSBC Greece.
