Part of series developed by UN Women and the Luxembourg Stock Exchange, this case study highlights a dual-tranche, ($25M USD and $45M USD) sustainability-linked bond issued by Barloworld Ltd, a South African industrial company, and listed on the Johannesburg Stock Exchange (JSE). An SLB is a performance-based gender bond, which is one where the terms are linked to issuer performance or targets. Barloworld set two main gender specific key performance indicators (KPIs) and targets for the bond: increasing gender diversity in leadership to at least 50% representation by women and growing the number of black-owned businesses in Barloworld's supply chain with a target of 15% procurement from these businesses by 2025.