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ARTICLE · 17 MAY 2023

Unlocking Sustainability-Linked Loans

Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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On February 23, 2023, the Loan Market Association (LMA), Loan Syndications and Trading Association (LSTA) and the Asia Pacific Loan Market Association (APLMA)...

GlobalEnvironment
Sukhvir Basran
Sukhvir Basran
Matthew Mazenier
Matthew Mazenier
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On February 23, 2023, the Loan Market Association (LMA), Loan Syndications and Trading Association (LSTA) and the Asia Pacific Loan Market Association (APLMA) published updates to the Sustainability-Linked Loan Principles (SLLP) and related guidance (SLLP Guidance). Sustainability-linked loans (SLLs) "are any types of loan instruments and/or contingent facilities (such as bonding lines, guarantee lines or letters of credit) for which the economic characteristics can vary depending on whether the borrower achieves ambitious, material and quantifiable predetermined sustainability performance objectives."

The SLLP promote the development of the SLL market by providing a recommended framework "to articulate the fundamental characteristics of SLLs" based around five core components: Selection of Key Performance Indicators (KPIs); Calibration of Sustainability Performance Targets (SPTs); Loan Characteristics; Reporting; and Verification. The SLL product incentivizes a

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