Sustainble bonds and sustainble linked bonds different because don't use of proceeds clause. Money can be used for any project is usefully employed. But payment of the bond depends on sustainable objectives. Any type of bond instrument for which the financial and/or structural characteristics can vary depending on whether the issuer achieves predefined sustainability/ESG objectives SLBs typically subject to coupon step-up/step-down linked to entity-level sustainability performance targets (at step up date, not maturity can have penalty or not) Key difference with respect to other sustainable debt securities: Flexibility in use of proceeds

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