KERRY GROUP WINS the IACT TREASURY ACHIEVEMENT AWARD 2022
IACT is delighted to announce Kerry Group as the winner of the IACT Treasury Achievement Award 2022 for the issuance of their inaugural €750 million 0.875% 10-year Sustainability-Linked Bond in November 2021. As the inaugural sustainability-linked bond for Kerry Group and the first for an Irish corporate, Kerry Group’s submission impressed across all six criteria of innovation, reach, ESG, excellence, economics and inspiration.
Kerry Group is a world leader in the development of sustainable taste and nutrition solutions for the food, beverage and pharmaceutical markets. Over one billion consumers around the world enjoy food and beverages containing Kerry's taste and nutrition solutions. With annual revenue of €7.4bn in 2021, Kerry Group employs in excess of 22,000 employees and operates 152 manufacturing locations across 36 countries.
Kerry Group has embraced sustainability as core to its corporate strategy, with their ‘Beyond the Horizon’ strategy seeking to create a more balanced food system, whilst protecting people, society and the planet. Given Kerry’s brand recognition and global reach, they have a major international influence with clear Irish roots.
The Kerry Group Treasury team have displayed industry leadership, working closely with the Kerry Sustainability team to embed the corporate sustainability strategy into their funding strategy. The issuance of their sustainability-linked bond, which followed the conversion of their revolving credit facility into a sustainability-linked facility, demonstrates what Treasury can achieve when all internal stakeholders are aligned. In issuing this bond, the Kerry Treasury team navigated volatile market conditions and took advantage of a window of opportunity to issue a 10-year bond at an attractive spread. Debt investors were impressed by Kerry Group’s sustainability commitment and targets, and this supported strong demand for the €750m bond.
More information relating to the bond, such as the calibration of the sustainability performance targets can be found in Kerry Group’s Sustainability-Linked Bond Framework and ISS ESG Second Party Opinion, which are available on the Kerry Group website Debt Investors | Kerry on www.kerry.com.
The formal prize giving ceremony took place at the IACT Annual Dinner on 7 October 2022.