Sustainability-linked finance's next big test

Send us Fan Mail◆ SLBs miss targets with hundreds more up for review ◆ US issuers make hay in European sunshine ◆ Banks probe longer dated debt issuanceThe wave of sustainability-linked bonds that were all the rage a few years ago are now reaching the point where their issuers' performance against their environmental KPIs is being judged. Two issuers this week have failed to meet their targets and will pay higher coupons as a result. We took the opportunity to see what impact this might have on supply and demand for a product that has become a niche when at one point it threatened to be the next big thing, or whether there are other factors that will help or hinder its renaissance.We also look at some eye-catching bond issues in euros by high profile US companies, including a debut from Alphabet, to see what is driving issuance.Finally, we discuss banks' long-dated funding options in the bond market.