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Introduction
Hereafter is proposed a compendium of recent transactions in which Natixis CIB was involved, this digest is not exhaustive, it highlights financing structured for the benefit of Gunvor Group, Touton, Saur, Klépierre, Action Logement Services and BPCE.
Natixis CIB helped close a USD1.285 billion sustainability-linked syndicated revolving credit facility for Gunvor Group, a leading independent commodities trading house.
Gunvor Group, renowned for its expertise in trading, transporting, and storing petroleum products, has taken a significant step towards sustainability. The facility, which was oversubscribed by over 60%, underscores the commitment both Natixis CIB and Gunvor have towards embracing sustainable practices within the commodities trading sector.
The sustainability-linked revolving credit facility incorporates key performance indicators (KPIs) focused on reducing greenhouse gas emissions and promoting investments in non-hydrocarbon projects.
The sustainability KPIs:
- The reduction of Scope 1 and 2 Greenhouse Gas (GHG) emissions;
- Reduction of Scope 3 GHG emissions associated with the improvement of energy efficiency of the chartered shipping fleets;
- The investment in non-hydrocarbon projects;
- and the assessment of the Group’s assets, JVs and critical suppliers against Human Rights principles.
Each KPI is tested annually and verified externally in line with LMA Sustainability-Linked Loan Principles.
These KPIs align with Gunvor's broader sustainability commitments and are reviewed and verified annually by external auditors.
Natixis CIB lately closed a Sustainability-Linked Revolving Cocoa Processing Facility worth $200 million for Cocoa Touton Processing Company (CTPC), a leading Ghanaian cocoa processor and subsidiary of Touton Group.
The $120 million facility was refinanced and increased to $150 million on 25th April 2025 thanks to the support of the Group’s existing relationship banks amid unprecedented volatility in cocoa prices. The facility was subsequently increased to $200 million in July thanks to the addition of three new banks. This increase contributes to support the cocoa industry in Ghana, the second-largest cocoa producer globally.
The facility includes a one-year committed borrowing base that incorporates three key sustainability performance indicators (KPIs):
- Farmers Training – Empowering cocoa farmers with the necessary skills to enhance productivity.
- Farmers Mapping and Deforestation Risk Assessment – Assessing and mitigating environmental risks associated with cocoa cultivation.
- Traceability of the Supply Chain – Ensuring transparency and ethical sourcing throughout the cocoa supply chain.
In light of these developments, Touton Group announced the publication of its recent sustainability report, which outlines its ongoing commitment to responsible sourcing and sustainable practices in the cocoa industry.
Natixis served as the sole Active Bookrunner Mandated Lead Arranger (BMLA) and Coordinator for this transaction, along with its roles as Facility Agent and Sustainability Coordinator, showcasing our expertise and commitment in the cocoa sector and sustainable finance.
On September 23rd, 2025, Saur (Holding d’Infrastructures des Métiers de l’Environnement SAS (HIME)), a leading player in the global water market with a strong international presence and a pioneer in the sustainable finance market, has successfully placed a Blue Bond for a nominal amount of EUR 500 million[1], with a maturity of 5 years and a 3.875% coupon. Natixis acted as as Global coordinator, Joint Bookrunner, and ESG Coordinator.
This transaction is Saur’s second blue bond issuance following an inaugural EUR 550 million issue in October 2024. The company was the 1st French Corporate and 1st European Water Utility to enter the blue bond space at the time.
An amount equivalent to the net proceeds from the issuance of the Notes will be used to finance and/or refinance, in whole or in part, new or existing Eligible Blue Projects as further described in Saur’s Green & Blue Financing Framework[2].
Eligible Blue Projects fall into several eligible project categories: Water Production and Supply, Wastewater collection and treatment and/or Desalination of water.
The Framework has obtained a positive opinion from Sustainalytics, acting as Second Party Opinion (SPO) provider, outlining its alignment with the International Capital Markets Association’s (ICMA) Green Bond Principles and the Loan Market Association’s (LMA) Green Loan Principles. Sustainalytics also notes that in addition to the GBP and GLP, Saur’s Framework intends to follow the IFC Guidelines for Blue Finance.
On September 23rd, 2025, Klépierre, the European leader in shopping centers in continental Europe with a portfolio of 70 dominant assets valued at over EUR 20 billion at December 31, 2024, successfully issued an Inaugural Green Bond of EUR 500 million. The bond has a maturity of 12 years, setting the record for the longest maturity for a European REIT in the euro debt capital markets since 2022, and a 3.75% coupon (source : Klépierre Press release). Natixis acted as the Global Coordinator for this transaction.
This transaction marks Klépierre's first green bond issuance following its Green Financing Framework publication in September 2024 which capitalized on Klépierre's best-in-class sustainability strategy and practices. In 2023, Klépierre renewed its ESG ambition for 2030 with the plan "Act4good with Klépierre - Building the most sustainable platform for commerce by 2030," focusing on four pillars: achieving carbon neutrality, serving communities, developing people, and promoting a sustainable lifestyle. Among these pillars, two climate objectives stand out:
(i) achieving carbon neutrality for scopes 1 and 2 by 2030 and
(ii) engaging its value chain to reduce emissions by addressing scope 3, for example, by reducing energy consumption in shopping centers by 20% in terms of private energy consumption (source : Klépierre Investor Presentation).
Klépierre's business is considered highly contributive to the environmental transition as per the European Taxonomy with 70% of its CAPEX aligning with the applicable taxonomy requirements in 2024. (source : Klépierre Investor Presentation).
The net proceeds will be exclusively allocated to finance or refinance, in whole or in part, an Eligible Green Portfolio, which includes qualifying Eligible Green Assets and Eligible Green Capital Expenditures that meet the relevant Green Eligibility Criteria. These criteria have been developed in accordance with leading market standards, including the EU Taxonomy Technical Screening Criteria (TSC) and other environmental certifications and tools such as BREEAM and CRREM. Based on Green Eligibility Criteria, Klépierre has identified a Green Eligible Portoflio of 17.7 EUR billion as of December 31, 2024, including exclusively refinancing and Green Assets and Green Capital Expenditures in the Building In-Use project category.
The Green Financing Framework has received a positive evaluation from ISS Corporate, which acted as the Second Party Opinion (SPO) provider, confirming its alignment with the International Capital Markets Association's (ICMA) Green Bond Principles (2021 version with June 2022 Appendix 1), the Loan Market Association's (LMA) Green Loan Principles (2023 version) and the Eu Taxonomy Climate Delegated Act, Annex I (2023 version).
Action Logement Services is a bipartite partner in the social economy whose main objective is to finance employee housing for private and agricultural sector companies. To achieve this, the organization undertakes several missions: supporting employees with their residential needs and professional careers, financing social and intermediate housing, financing housing policies in France and supporting their implementation (source: ALS Investor Presentation).
On September 23rd, 2025, ALS issued its first sustainable bond under its new Sustainability Bond Framework for EUR 1 billion, with a 10-year maturity and a yield of 3.827%. It brings to EUR 8.7 billion the total amount raised by Action Logement Services under its 100% sustainable issuance programme of up to EUR 9.5 billion. ALS was the first French issuer to reopen the SSA market following France’s rating downgrade by Fitch on Friday, 12 September 2025. Natixis acted as Co-Sustainability Coordinator for this transaction. (source: ALS Press Release)
An amount equivalent to the net proceeds from the issuance will be exclusively used to finance or refinance, in whole or in part, a portfolio of social and/or environmental projects including supporting employees in their residential and professional development, financing social and intermediate housing and contributing to the financing of certain housing policies in France and supporting their implementation in relation with local authorities.
This Sustainable Bond Framework, initially published in 2019, was updated in 2025 to include all the commitments of the new five-year (Convention Quinquennale 2023 - 2027) amounting to EUR 14.4 billion. The update aimed to remain aligned with best sustainable bond market practices such as the inclusion of substantial contribution to climate change mitigation criteria for green projects eligible under the EU Taxonomy and the associated Climate Delegated Act. Additionally, it aimed to strengthen governance by creating a committee dedicated to evaluating and monitoring sustainable bonds (source: ALS Investor Presentation).
The Sustainable Bond Framework has received a positive evaluation from Ethifinance, which acted as the Second Party Opinion (SPO) provider, confirming its alignment with the Green Bond Principles (2025 version), Social Bond Principles (2025 version), and Sustainability Bond Guidelines (2021 version) as published by ICMA.
Groupe BPCE has successfully issued a Social Bond of EUR 1 Bn with a maturity of 8 years and a 3,625% coupon in September 2025. Natixis acted as Sole Bookrunner and Sole Sustainability Structuring Advisor for BPCE’s first EUR-denominated social SNP of 2025.
The net proceeds of the bond will specifically target eligible social assets under the healthcare category of the group's Social Funding Framework, encompassing financing of healthcare infrastructure, healthcare professionals, medical products & equipment as well as innovation in the healthcare sector, subject to alignment with technical eligibility criteria defined in the Social Funding Framework.
The Social Funding Framework has received a positive evaluation from ISS Corporate, which acted as the SPO provider, confirming its alignment with the ICMA Social Bond Principles and its clear contributions to several UN SDGs.
