IDB Invest and Banco Promerica’s First Sustainable Bond in El Salvador

BLP and Allen & Overy advised IDB Invest on the offering

IDB Invest and Banco Promerica S.A., El Salvador (Banco Promerica), joined forces to issue the first sustainable bond in El Salvador to finance green and social projects. The $20 million issuance has been fully subscribed by IDB Invest. This deal is part of the first sustainable bond issuance program in El Salvador for a total amount of $100 million, with a tenor of 5 years. This is also the first issuance of a thematic bond in the country.

The proceeds from the placement of the bonds will be used to finance new credits aimed at the social portfolio of small and medium-sized companies (SMEs), as well as companies led by women and young people. They will also support Banco Promerica’s green portfolio. It is expected that increasing the size of these portfolios will contribute to access to financing in these segments in El Salvador.

In El Salvador, BLP advised IDB Invest with Zygmunt Brett (Picture) and José Gochez.

In US, Allen & Overy advised IDB Invest with Sami Asad Mir and Nancy Canales.

Involved fees earner: Nancy Canales – Allen & Overy; Sami Mir – Allen & Overy; Zygmunt Brett – BLP; Jose Gochez – BLP;

Law Firms: Allen & Overy; BLP;

Clients: IDB Invest;

Avatar

Author: Ambrogio Visconti