Beccar Varela advises on the issuance of the first sustainable bond with a gender perspective of NGO Sumatoria.
May, 2022 - Buenos Aires, Argentina
Buenos Aires, May 26th, 2022. On May 24th, Asociación Civil Sumatoria para una Nueva Economía (Sumatoria) carried out the first sustainable bond issuance with a gender perspective in the local capital market. Class II notes were issued in two series under a specific SME regime, for a total nominal amount of AR$60 million maturing on August 24th, 2023 (the Notes).
Series I Notes were issued for a nominal amount of AR$5,100,000, accruing interest at a nominal annual fixed rate of 40%, whereas Series II Notes were issued for a nominal amount of AR$54,900,000, accruing interest at a floating rate equivalent to Badlar private rate.
Class II Notes are aligned with ICMA’s (International Capital Market Association) 2021 Sustainable Bond Principles, and were issued in accordance with the guidelines for the issuance of Social, Green, and Sustainable Bonds contained in the Rules of the Argentine National Securities and Exchange Commission (CNV) (the Guidelines). The rating of Class II Notes as a sustainable bond with a gender perspective was carried out by San Martín, Suarez y Asociados, in their Second Opinion Report as independent verifier.
In compliance with the Guidelines, Sumatoria will allocate the total net from Class II Notes issuance to grant financing to sustainable projects focused on gender, which contribute to equity and the reduction of the socioeconomic gap, aligned with United Nations’ Sustainable Development Goal No. 5, “Gender Equality”. To this end, the emphasis will be placed on one – or more- of the following areas: female economic empowerment; female participation in decision making and leadership; and gender equality in human development.
Class II Notes were admitted to listing on Bolsas y Mercados Argentinos S.A. at the panel of social, green, and sustainable bonds, and authorized for trading at Mercado Abierto Electrónico S.A.
Sumatoria acted as the issuer whilst Banco Comafi S.A. and Banco de Galicia y Buenos Aires S.A.U. acted as organizers, placement agents and guarantee entities. All parties involved turned to Beccar Varela’s team, led by Luciana Denegri, and also comprised of María Victoria Pavani, María Inés Cappelletti, Julián Ojeda, María Belén Tschudy, and Tomás Bautista Cappellini.
