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Seneca ESG
- July 27, 2021
Thai Union Group PCL , a leading seafood company based in Thailand, on July 20 launched a senior, unsecured sustainability-linked bond (SLB), totaling THB5bn (USD150m), as reported by SeafoodSource on July 22. The bond has a 2.47% interest rate with a duration of seven years. Thai Union’s SLB is the first SLB released in Thailand and also the first one globally that introduces step-up and/or step-down facilities related to achieving sustainability performance targets (SPTs). TRIS Rating gave the SLB an A+ rating with a Stable outlook on July 16.
Thai Union’s SLB received a high demand of approximately THB8.9bn, more than double the issue size, prompting the company to increase the offering amount from THB4bn to THB5bn. Earlier this year, the group also issued a sustainability-linked loan (SLL) both in Thailand and Japan in February. As the Thai firm’s first SLL, the loan contains a THB and USD dominated credit facility, worth THB6.5bn, and a USD and JPY dominated Ninja/Samurai credit facility, equivalent to USD183m. Similarly, the SLL also experienced a double oversubscription compared to its scale. The high demand reflected investors’ confidence in Thai Union as well as sustainable and responsible investments.
In addition, the President and CEO of Thai Union, Thiraphong Chansiri, identified sustainability as the central element to the company’s operations and business philosophy. The sustainability related key performance indicators (KPI) of Thai Union’s SLL involve reaching its greenhouse gas (GHG) emission reduction target and else for a discount on interest rates, while the company did not disclose such targets of the SLB. Despite this, the launch of the SLB marked important progress for blue finance, a type of green investing that finances projects benefitting the oceans, and for the seafood industry as a whole.
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