Cleary Gottlieb partner Juan Giráldez and associate Stephanie Fontana co-authored the article, “Sustainability-Linked Bonds: The Next Frontier in Sovereign Financing,” which was published by Social Science Research Network (SSRN).
The article describes the main characteristics of “green,” “social,” and “sustainable” (GSS) bonds and the evolution of the sovereign GSS bond market to date; looks at KPI bond issuance trends and describes how this new instrument works; and analyzes potential risks and structural considerations for sovereigns tied to KPI bond issuances.
To read the article, click here.