ICMA and ELFA publish practical recommendations for high yield SLBs

Article summary

The International Capital Market Association (ICMA) and the European Leveraged Finance Association (ELFA) have jointly published a set of recommendations for the high yield bond market in line with ICMA’s sustainability-linked bond principles (SLBP). The document is designed to address the specific needs of the subinvestment grade bond market in respect of these core components where bond characteristics or market practice depart from the investment grade bond market. The practical recommendations are intended to enhance the impact and effectiveness of high yield SLBs and drive accountability and consistency in this growing segment of issuance.