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Project Details


OVS Group Sustainability-Linked Bond Framework Second-Party Opinion (2021)


OVS S.p.A.

Project Type

Sustainability Linked Bond or Note

Industry Group

Textiles & Apparel

Use of Proceeds




Evaluation Date

Oct 2021

Evaluation Summary

Sustainalytics is of the opinion that the OVS Group Sustainability Linked Bond Framework aligns with the Sustainability-Linked Bond Principles 2020 and considers the KPIs to be relevant and material to the issuer and the SPTs to be ambitious and impactful. This assessment is based on the following: 

Selection of Key Performance Indicators (KPIs)

The OVS Group Sustainability-Linked Bond Framework includes three KPIs: (i) absolute scope 1 and 2 GHG emissions, (ii) absolute scope 3 GHG emissions, and (iii) a) Percentage of Higg Tier 1 house brand apparel suppliers production volume b) Related verified production volume (see Table 1). Sustainalytics considers KPI 1 and KPI 2, in combination, to be very strong given their combined high applicability and that they can be compared with external science-based contextual benchmarks. KPI 3 is considered strong at it follows a clear and consistent methodology, and it is an indirect measure of OVS’ performance. 

Calibration of Sustainability Performance Targets (SPTs)

Sustainalytics considers the SPTs to be aligned with the Issuer’s sustainability strategy. Sustainalytics considers SPT 1 and SPT 2 highly ambitious based on their alignment with a 1.5-degree climate scenario. SPT 3 is considered ambitious as it represents a significant improvement over past performance and is aligned with industry best practices. 

Bond Characteristics

OVS will link the bond’s financial characteristics to the achievement of all the SPTs, namely a coupon rate step-up provision for failing to achieve the SPT.  


OVS commits to report, on an annual basis, on its KPIs in its sustainability reporting available on its website. OVS commits to disclose relevant information that affects the KPIs’ performance. The reporting commitments are aligned with the Sustainability-Linked Bond Principles 2020. 


OVS commits to having external limited assurance conducted on its KPIs performance at the communicated SPTs deadline, aligned with market expectations