Indicate whether you encourage transparency and disclosure relating to the issuance of themed bonds as per the Green Bonds Principles, Social Bond Principles, or Sustainability Bond Guidelines..
Describe the actions you take when issuers do not disburse bond proceeds as described in the offering documents.
We have not as yet experienced such a situation but if there is a breach the bond could be reclassified to be an ordinary bond in the portfolio. The managers mandate covers both ordinary and green bonds,so the bond could be reclassified if it is still considered giving a attractive yield.
Additional information. [Optional]