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  "documentTitle": "Financing Sustainable Aviation Fuels (with Kearney)",
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  "authorName": "Kearney",
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      "kind": "callout",
      "text": "The bond issue showed that investors are eager to subscribe to bonds linked to clear, measurable goals within SBTi-validated trajectories.",
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      "text": "Green bond issuance value: €2.1 billion",
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      "text": "How? The airline first worked with SBTi to adopt an approved trajectory, which includes a target of 10% SAF use by 2030. The bond was linked to an intermediate goal of a 10% decrease in well-to-wake emission intensity based on tonnes of CO2-equivalent per revenue-tonne-kilometre (RTK), compared to a 2019 baseline. Before issuing the bond, Air France-KLM also built a sustainability-linked financing framework, which received a “best practices” alignment with principles spelled out in a second party opinion from Moody’s Investors Services. The bond was offered in two tranches: €500 million with a 3.3-year maturity and 7.25% coupon and a further €500 million with a 5.3-year maturity and 8.125% coupon. The bond was 2.6x oversubscribed, with asset managers taking over 70% across both tranches, and banks and hedge funds taking around 10% each.",
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      "text": "What? Neste – an oil refining and sustainable fuels company based in Finland – has issued four green bonds in the past four years. The first, issued in March 2021, was a €500 million, 7-year green or sustainable bond with a coupon of 0.75%. The bond offering was allocated to ~120 investors and listed on Nasdaq Helsinki. Neste issued three additional green bonds in 2023. Two, issued in March, were €500 million green bonds with 6-year and 10-year maturities, paying a fixed coupon of 3.875% and 4.250% respectively. In November 2023, Neste issued a €600 million green bond with 7.5-year maturity and a fixed coupon of 3.875%.",
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      "kind": "paragraph",
      "text": "What? In January 2023, Air France-KLM issued a sustainability-linked bond for €1 billion, linked to a goal to reduce their scope 1 and 3 emissions by 2025. SAF use is one of four levers defined in the bond issue.",
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      "text": "CASE STUDY 12: Neste’s €2.1 billion of green bond issuances",
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      "text": "CASE STUDY 13: Air France-KLM’s €1 billion green bond issuance",
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