The use of proceeds format generally refers to any transaction labeled based on the proceeds being used for investments or activities aligned to a specific priority theme (e.g., green bonds for proceeds allocated to investments in renewable power). Companies typically pursue such transactions to capitalize on perceived increased demand from their investors or lenders, as well as reputational benefits. Certain requirements for transparency derived from industry guidelines apply to how transactions in this format are structured, notwithstanding extensive variation in thematic emphasis. Execution of these transactions varies less by thematic emphasis and more depending on the type of financing.