Clariane - Positioning

Clariane continues to refinance its balance sheet, launching a €333m undated, deeply subordinated hybrid bond to refinance the outstanding Odirnane Bonds (convertibles). This follows the issuance of €230m 6.875% 2031 bonds issued in April that repaid the £200m 13.168% non-convertible hybrid green perpetual bonds. This exited our long investment in Clariane.