| On September 22,2021,General Secretary Xi Jinping in the 29 th collective study session of the Political Bureau of the 19 th CPC Central Committee clearly pointed out that the goal of achieving carbon peak and carbon neutrality is a solemn commitment made by China to the world,and it is also a broad and far-reaching change,which is definitely not easy to achieve.In order to better fulfill China’s solemn commitment,we should not only support the development of new green and low-carbon industries,but also promote the low-carbon transformation of high-carbon emission industries.sustainability-linked bond is a very suitable innovative financial tool,which can improve the overall quality and efficiency of China’s green development.The second phase of medium-term notes(sustainable linked)of China Yangtze Electric Power Co.,Ltd is the first batch of sustainability-linked bond issued in China,and the study of the bonds issued is more representative.The case analysis of this paper shows that the capital demand of enterprises;the financing cost of enterprises;the reputation of sustainable development of enterprises.Then,this paper analyzes the effect of the sustainability-linked bond issued by Yangtze Electric Power through the realization of sustainable development performance goals,the achievement of sustainable development benefits and the corporate profit.In terms of the achievement of sustainable development performance target,Yangtze Electric Power exceeded the bond linked target in January 2023.In terms of the achievement of sustainable development benefit,ESG management,which shows the achievements of environment,society and corporate governance;in the aspect of profit effect,the profitability of Yunchuan Company is closely related to the bond target.Next,the current bond is analyzed from the interest rate risk,credit risk,liquidity risk and the unique risk of the current bond.Moreover,from the unique risk of the current bond,Yangtze Electric Power will not float the bond interest rate due to the failure to complete the sustainable development linked target.Finally,this paper summarizes the conclusions and makes suggestions based on the shortage of sustainability-linked bond. |
