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The transaction, under a Sustainability-Linked Financing framework that encompasses scope 1, 2 and 3 decarbonisation targets including landing and take-off emissions, is a great achievement for both the client and Crédit Agricole CIB’s UK teams involved.

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Inaugural Sustainability-Linked Bond for second largest UK airport Gatwick, a major step towards its net zero objectives

https://www.ca-cib.com/news/inaugural-sustainability-linked-bond-second-largest-uk-airport-gatwick-major-step-towards-its

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Gatwick Airport, the second largest airport in the UK and 8th largest in Europe, made its debut in the EUR market earlier in October with an inaugural €750m 9 Year Inaugural Sustainability-Linked Senior Secured Bond. Preceded by 2 days of marketing with strong investor participation and thanks to the solid expertise of our teams, the transaction was a great success with final books reaching more than €2.4bn. After closing, Investors from the UK & Ireland accounted for the majority of final allocations at 51% while European demand accounted for 41%.Crédit Agricole CIB has played the role of Joint Sustainability Structuring Coordinator and Active Joint Bookrunner on the transaction. , full_html

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Inaugural Sustainability-Linked Bond for second largest UK airport Gatwick, a major step towards its net zero objectives | Crédit Agricole CIB

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<body><figure @class="image"><img @height="3054" @src="https://ca-cib.celum.cloud/shutterstock_2476332547_37263_CDN_images.jpg" @style="aspect-ratio:5429/3054;" @width="5429"></img></figure>Gatwick Airport, the second largest airport in the UK and 8th largest in Europe, made its debut in the EUR market earlier in October with an inaugural €750m 9 Year Inaugural Sustainability-Linked Senior Secured Bond. Preceded by 2 days of marketing with strong investor participation and thanks to the solid expertise of our teams, the transaction was a great success with final books reaching more than €2.4bn. After closing, Investors from the UK & Ireland accounted for the majority of final allocations at 51% while European demand accounted for 41%.Crédit Agricole CIB has played the role of Joint Sustainability Structuring Coordinator and Active Joint Bookrunner on the transaction. </body>

<body>The transaction, under a Sustainability-Linked Financing framework that encompasses scope 1, 2 and 3 decarbonisation targets including landing and take-off emissions, is a great achievement for both the client and Crédit Agricole CIB’s UK teams involved.</body>

Green finance

<body><figure class="image"><img height="3054" src="https://ca-cib.celum.cloud/shutterstock_2476332547_37263_CDN_images.jpg" style="aspect-ratio:5429/3054;" width="5429"></img></figure>Gatwick Airport, the second largest airport in the UK and 8th largest in Europe, made its debut in the EUR market earlier in October with an inaugural €750m 9 Year Inaugural Sustainability-Linked Senior Secured Bond. Preceded by 2 days of marketing with strong investor participation and thanks to the solid expertise of our teams, the transaction was a great success with final books reaching more than €2.4bn. After closing, Investors from the UK & Ireland accounted for the majority of final allocations at 51% while European demand accounted for 41%.Crédit Agricole CIB has played the role of Joint Sustainability Structuring Coordinator and Active Joint Bookrunner on the transaction. </body>

Transport

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<body>On 1 December 2023, CDB Aviation announced the closing of its inaugural sustainability-linked loan facility (SLL) of USD 625 million. A top 10 aircraft leasing company worldwide, CBD Aviation is a wholly-owned subsidiary of China Development Bank Financial Leasing Co., Ltd. (CDB Leasing), a 38-year-old Chinese leasing company owned by the China Development Bank.<subtitle-block>World’s first-ever large scale syndicated SLL for an aircraft lessor</subtitle-block> Being the first sustainability-linked syndicated term loan facility for an aircraft lessor, this transaction is a milestone for the aircraft leasing industry. SLLs are increasingly being used as a financing means for industry players to improve their overall ESG profile and anchor their business decision towards a more sustainable future. This facility demonstrates CDB Aviation’s commitment to being a leader on ESG matters and its efforts to manage its environmental impact.The terms of the financing are linked to CDB Aviation achieving of certain predefined Sustainability Performance Targets (“SPTs”) based on three Key Performance Indicators (“KPIs”): <ul><li>reducing the carbon intensity of CDB Aviation’s fleet; </li><li>increasing the share of new generation aircraft in the lessor’s fleet, pursuing its target to reach 60% of new generation aircraft (by number of aircraft) by the end of 2025;  </li><li>increasing the level of Diversity, Equity, and Inclusion-related trainings for the workforce.   </li></ul>Moody’s Investors provided the Second Party Opinion, confirming the conformity of the facility with the Sustainability Linked Loan Principles (SLLPs) with a sustainability rating of “SQS2” considered best-in class for an aircraft lessor.<a @href="quote">quote</a><subtitle-block>A lasting commitment to aviation propelled by sustainability</subtitle-block> After having contributed to the<a @href="https://www.ca-cib.com/en/news/cathay-pacific-airways-closes-first-sustainability-linked-jolco-asia-pacific"> first sustainability-linked JOLCO financing in Asia-Pacific</a> for Cathay Pacific Airways in 2022, Crédit Agricole CIB is delighted that our long-standing client CDB Aviation entrusted us with the Lead Structuring Advisor and Sole Sustainability Agent roles to arrange its inaugural sustainability-linked loan facility. This illustrates the strength of our approach to combine the longstanding experience of our Aviation Finance team with the expertise of our highly-regarded Sustainable Banking franchise.This transaction also demonstrates our ongoing commitment to the aircraft finance sector in Asia-Pacific, where we have been present for over 40 years and where we now strongly encourage more responsible investments. We are certain that it will pave the way for us to assist other leasing customers advancing their ESG strategies.</body>

<body>Crédit Agricole CIB acted as Sole Sustainability Agent, joint Lead Sustainability Structuring Advisor, Mandated Lead Arranger and Facility Agent in this landmark transaction.</body>

Supporting the world’s first-ever syndicated sustainability-linked loan for an aircraft lessor by CDB Aviation

<body>On 1 December 2023, CDB Aviation announced the closing of its inaugural sustainability-linked loan facility (SLL) of USD 625 million. A top 10 aircraft leasing company worldwide, CBD Aviation is a wholly-owned subsidiary of China Development Bank Financial Leasing Co., Ltd. (CDB Leasing), a 38-year-old Chinese leasing company owned by the China Development Bank.<subtitle-block>World’s first-ever large scale syndicated SLL for an aircraft lessor</subtitle-block> Being the first sustainability-linked syndicated term loan facility for an aircraft lessor, this transaction is a milestone for the aircraft leasing industry. SLLs are increasingly being used as a financing means for industry players to improve their overall ESG profile and anchor their business decision towards a more sustainable future. This facility demonstrates CDB Aviation’s commitment to being a leader on ESG matters and its efforts to manage its environmental impact.The terms of the financing are linked to CDB Aviation achieving of certain predefined Sustainability Performance Targets (“SPTs”) based on three Key Performance Indicators (“KPIs”): <ul><li>reducing the carbon intensity of CDB Aviation’s fleet; </li><li>increasing the share of new generation aircraft in the lessor’s fleet, pursuing its target to reach 60% of new generation aircraft (by number of aircraft) by the end of 2025;  </li><li>increasing the level of Diversity, Equity, and Inclusion-related trainings for the workforce.   </li></ul>Moody’s Investors provided the Second Party Opinion, confirming the conformity of the facility with the Sustainability Linked Loan Principles (SLLPs) with a sustainability rating of “SQS2” considered best-in class for an aircraft lessor.<a href="quote">quote</a><subtitle-block>A lasting commitment to aviation propelled by sustainability</subtitle-block> After having contributed to the<a href="https://www.ca-cib.com/en/news/cathay-pacific-airways-closes-first-sustainability-linked-jolco-asia-pacific"> first sustainability-linked JOLCO financing in Asia-Pacific</a> for Cathay Pacific Airways in 2022, Crédit Agricole CIB is delighted that our long-standing client CDB Aviation entrusted us with the Lead Structuring Advisor and Sole Sustainability Agent roles to arrange its inaugural sustainability-linked loan facility. This illustrates the strength of our approach to combine the longstanding experience of our Aviation Finance team with the expertise of our highly-regarded Sustainable Banking franchise.This transaction also demonstrates our ongoing commitment to the aircraft finance sector in Asia-Pacific, where we have been present for over 40 years and where we now strongly encourage more responsible investments. We are certain that it will pave the way for us to assist other leasing customers advancing their ESG strategies.</body>

Inaugural Sustainability-Linked Bond for second largest UK airport Gatwick, a major step towards its net zero objectives

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Beyond daily commutes: integrating ESG into mass transit networks for liveable cities

Cathay Pacific adopts ESG-linked corporate savings account

Supporting the world’s first-ever syndicated sustainability-linked loan for an aircraft lessor by CDB Aviation