Beccar Varela and Mitrani, Caballero & Ruiz Moreno advise on the issuance of the first gender bond under new Guaranteed Regime for Social Impact Issues of PRO MUJER.
February, 2023 - Buenos Aires, Argentina
Buenos Aires, February 10th, 2023. On February 6th, PRO MUJER Servicios Financieros S.A. (“PRO MUJER”) carried out the first issuance in Argentina of a social bond with an absolute focus on gender perspective under the new Simplified and Guaranteed Regime for the issuances of Notes with Social Impact. The issuance stands out for being a historical achievement both in the Argentine and the Latin-American capital markets.
PRO MUJER Series I Notes, maturing on February 6th, 2024, were issued for a nominal amount of AR$200,000,000 and will accrue interest at a floating rate equivalent to the Private Badlar Rate. Furthermore, the Notes are aligned with ICMA’s International Capital Market Association) Social 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 (the Guidelines). The rating of the Notes as “social bonds BS2” was carried out by Universidad Nacional de Tres de Febrero (UNTREF) in its capacity as external reviewer.
In compliance with the Guidelines, PRO MUJER will allocate the total net profits from the allocation of the Notes to the direct financing of 1,700 low-income women, aged between 18 and 75 years, owners of micro and small enterprises, who carry out and/or work in productive economic activities, services, commerce, textile or agricultural activities and/or in the semi-formal economy, specifically those who need financing for investment capital and transactions within their micro-enterprises or for their families.
The Notes were admitted for listing on Bolsas y Mercados Argentinos S.A., at the Panel for Social, Green and Sustainable Bonds, and authorized for trading at Mercado Abierto Electrónico S.A.
In this issuance, Banco de Galicia y Buenos Aires S.A.U., Banco Hipotecario S.A., Banco Supervielle S.A., and Banco Comafi S.A. acted as organizers, placement agents and guarantee entities, whilst Allaria Ledesma & Cía S.A. acted as placement agent.
Legal counsel to PRO MUJER
Mitrani, Caballero & Ruiz Moreno: partner Mercedes Rodriguez Giavarini, senior counsel Nicolás Fernandez Madero, and associates Melina Goldberg and Juan Manuela Iglesias Mamone (tax matters).
Legal counsel to the Organizers, Placement Agents, and Guarantee Entities
Beccar Varela: partner Luciana Denegri, and associates María Inés Cappelletti, Julián Ojeda, and María Belén Tschudy.
