Supporting Pandora’s sustainability journey

Pandora broke new ground in 2023 when it issued an inaugural 500m euro sustainability-linked bond, tying its financing to its climate and circularity goals. Nordea played a pivotal role as the sole sustainability structuring advisor, helping Pandora formulate its sustainability-linked bond framework and select ambitious sustainability targets. 

The bond is linked to Pandora’s commitments to purchase 100% recycled silver and gold for use in its jewellery by 2025, to become carbon neutral in its own operations by 2025 and to reduce its scope 3 emissions in line with its validated Science-based target. The targets are aligned with Pandora’s core business and were assessed by Moody’s to have a “high contribution” to sustainability. To underscore Pandora’s commitment to achieving its goals, the structure’s financial penalties for missed targets exceed market averages. 

“Pandora has integrated sustainability across the business, so it is only natural that the company’s financing be sustainability-linked. The ambitious nature of our targets is a testament to our desire to lead the jewellery industry forward on this most important topic,” says Marissa Saretsky, VP of Global Sustainability at Pandora.

In March 2023, Pandora announced the successful placement of 500m euros in senior unsecured sustainability-linked notes under the framework – a significant milestone under the company’s newly established Euro Medium-Term Note (EMTN) program. 

The sustainability-linked bond marks the third time Pandora has tied its financing to ambitious sustainability targets, highlighting the company’s dedication to advancing its sustainability agenda, with Nordea by its side.