Just before the summer break, Nina and Chris look over the in-depth ELFA survey of investors and discuss the findings, including their view of the size of the greenium and whether the pricing benefit for a bond should be immediate or after testing KPIs. Also up for discussion is whether there should there be a penalty if a bond is called before KPIs are tested, how loans have more KPIs than bonds, how some investors want a third party involved in the KPIs and how most want the loan KPIs set out from the start of a deal.