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ARTICLE · 08 FEBRUARY 2023

Standard Drafting On The Way For Sustainability-Linked Loans

Norton Rose Fulbright
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Sustainable finance in general, and the sustainability-linked loan (SLL) market in particular, have become incredibly popular over the past couple of years.

United KingdomFinance and Banking
David Milligan
David Milligan

Sustainable finance in general, and the sustainability-linked loan (SLL) market in particular, have become incredibly popular over the past couple of years.

Part of the reason for the success of SLLs is that it is a globally-recognised instrument: the SLL Principles were developed jointly by the three main regional syndicated loan bodies (the Loan Market Association (LMA) in Europe, the Asia Pacific Loan Market Association (APLMA) in Asia Pacific and the Loan Syndications & Trading Association (LSTA) in the United States).

However, one of the difficulties in developing the SLL market has been the fact that, while the SLL Principles are available, to date there has been no standard market drafting. While some elements of SLLs are necessarily transaction-specific, there is no reason in principle why standard drafting could not be developed for other standard SLL features (e.g. the margin rachet).

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