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Second-Party Opinion Download

Project Details


LimakPort SLB Framework Second-Party Opinion (2021)


Limak İskenderun Uluslararası Liman İşletmeciliği A.Ş.

Project Type

Sustainability Linked Bond or Note

Industry Group


Use of Proceeds




Evaluation Date

Jun 2021

Evaluation Summary

Sustainalytics is of the opinion that the LimakPort Sustainability-Linked Bond Framework aligns with the Sustainability-Linked Bond Principles 2020. This assessment is based on the following: 

Selection of Key Performance Indicator (KPI) 

LimakPort Sustainability-Linked Bond Framework includes one KPI: Percentage conversion of select port vehicles from diesel-powered to electric-powered (see Table 1). Based on a consideration of the materiality of the KPI, its relevance to LimakPort’s business, the scope of its applicability, and its ability to be benchmarked, Sustainalytics considers the KPI to be adequate. 

Calibration of Sustainability Performance Target (SPT) 

Sustainalytics considers the SPT to be aligned with the issuer’s sustainability strategy. Sustainalytics further considers the SPT to be ambitious, primarily because it indicates performance that is significantly above LimakPort’s historical performance. 

Bond Characteristics 

LimakPort will link the bond’s financial/structural characteristics to the achievement of the SPT. The Company will embed a coupon step-up clause in the bond indenture which will be triggered if LimakPort fails to meet its SPT on target observation dates.


LimakPort commits to report on an annual basis on its performance on the KPI on its website. LimakPort commits to disclose relevant information enabling investors to monitor the progress of the SPT including verification assurance reports on progress towards the SPT. The reporting commitments are aligned with the SLBP.


LimakPort commits to have external limited/ reasonable assurance conducted on its KPI performance at the communicated SPT deadline, which is aligned with market expectations.