Wesfarmers to return $2b to shareholders

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    Wesfarmers wary of mounting lockdown toll



    i hold WES

    so Ita Buttrose MIGHT be the single source of credible information on Covid in Australia

    well , WES has already signed up Alison Watkins to the board , not a huge chance Ita will get an invite as well ... is there

    1 like
  3. 78.6k

    Wesfarmers issues Euro sustainability-linked bond
    Wesfarmers Limited will issue its first Euro denominated sustainability-linked bond in the European debt
    capital markets, with the interest rate payable on the bond linked to the progress against specific renewable
    electricity and emissions performance targets.
    Wesfarmers is to raise EUR600 million (approximately AUD938 million) following the successful pricing this
    week of a twelve-year unsecured fixed rate sustainability-linked bond maturing in October 2033 under its
    EUR 3 billion Euro Medium Term Note Programme.
    The proceeds of the issue have been fully hedged and will be swapped back to Australian dollars at a fixed
    interest rate of around 3.0 per cent.
    Subject to satisfaction of customary conditions precedent, settlement of the transaction is expected to
    occur on 21 October 2021.
    Wesfarmers Chief Financial Officer Anthony Gianotti said that it was pleasing to see continued strong
    investor support for the Group’s debt in the European market.
    “This issue builds on the success of the Group’s inaugural sustainability-linked bond in the Australian
    market in June 2021,” Mr Gianotti said. “In the pricing of this Euro bond, investors have recognised both the
    strength of the Wesfarmers businesses and the significance of our sustainability priorities in supporting
    long-term value creation.”
    “Following the maturity of a EUR600 million bond earlier this month, this new sustainability-linked bond
    ensures a continued presence in major credit markets. Our strong balance sheet position provides flexibility
    to support the Group in progressing our key strategic priorities to support sustainable, long-term growth.”
    The interest rates payable on both the Australian denominated and Euro denominated sustainability-linked
    bonds are linked to Wesfarmers’ progress against two sustainability performance targets. The performance
    targets relate to increasing the use of renewable electricity in the Group’s retail divisions and reducing the
    CO2e emissions intensity of ammonium nitrate production in the Wesfarmers Chemicals, Energy and
    Fertilisers division.
    The proceeds will be used for general corporate purposes.
    The bonds will be listed on the Singapore Exchange and will not be offered to retail investors in Australia.
    The joint lead managers for the issue were Barclays Capital Asia Limited, BNP Paribas, MUFG Securities
    Asia Limited, SMBC Nikko Capital Markets Limited and Société Générale.
    The ESG structuring coordinator was BNP Paribas.
    Wesfarmers is rated A3/Stable/P2 by Moody’s and A-/Stable/A-2 by Standard & Poor’s

    WHAT ???

    as a former retail bond investor , i would be surprised if any Aussie retail investor would touch it

    ( i hold WES )

    maybe management should have held some capital back after all the previous bond maturity should have been no surprise and neither should have been the decision to source more renewable energy

    looks very scammy to me ( trying to paint these bonds 'green ' )


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