Which of the following is NOT a type of ESG bond?

Vanilla bonds are characterized as standard bonds that do not have any special environmental, social, or governance (ESG) features. Unlike green bonds, sustainability-linked bonds, and social bonds, which are specifically designed to fund projects with positive environmental or social impacts, vanilla bonds are not tied to any ESG criteria and do not promote sustainability or social responsibility in their structuring or use of proceeds.

Green bonds fund projects that have positive environmental benefits, social bonds are directed towards initiatives that aim to address social issues, and sustainability-linked bonds link their financial characteristics to the issuer's performance against predefined sustainability targets. This absence of any such specific ESG focus in vanilla bonds is why they are considered not to be an ESG bond.