Anglian Water has achieved KPI carbon targets linked to a Sustainability Bond, according to an update on progress against targets released by Anglian Water (Osprey) Financing PLC in relation to its £300 million Sustainability Linked Bond.
In July 2021 Anglian Water (Osprey) Financing PLC issued its first GBP Sustainability Linked Bond (SLB) under its Sustainability Finance Framework, which was published in May 2021.
At the time Anglian Water reported huge investor demand for the inaugural net zero-based sustainability linked bond. The order book for the seven-year, £300 million bond was significantly oversubscribed with orders peaking at £1.6 billion.
Anglian was the first utility company in the world to link its carbon targets specifically to a bond to allow it to raise funds at a more competitive rate. The £300 million SLB will mature on 31 July 2028 and was priced at Gilts + 150 bps, giving a coupon of 2.00%, the lowest coupon for a debt instrument of this type.
The sustainability linked component was structured against a significant commitment towards carbon neutrality for the group’s operating subsidiary Anglian Water Services Ltd (Anglian Water) and includes Key Performance Indicators (KPIs) linked to reduction in operational and capital carbon as part of the organisation’s Net Zero 2030 strategy.
The water company committed to reduce net operational carbon by 30 per cent from 2018/19 levels by 2025, and capital carbon by 65 per cent from a 2010 baseline by the same date.
The SLB required Anglian Water to achieve the following KPIs by 31 March 2025:
Further information on how the KPIs were achieved will be confirmed in Anglian Water’s Annual Integrated Report and its Sustainable Finance Impact Report 2025, both of which will be published on 15 July 2025.
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