White & Case LLP represented FEFA in the offering.
FEFA, a Mexican governmental development agency dedicated to grant financing in the agricultural sector, executed the issuance of three tranches of bonds for a total aggregate amount of MXN 10 billion. One of the tranches was an inaugural social bond for FEFA, and the first of its kind in the domestic Mexican securities market. The bonds were placed via a local public placement on Bolsa Institucional de Valores (BIVA).
The social bond will have a gender-equality objective and proceeds will be allocated to financing projects of accredited women who comply with the eligibility criteria, which will be aligned with the 2020 Social Bond Principles established by the International Capital Market Association.
The social bond was certified by Sustainalytics. The underwriting syndicate included Citibanamex, Scotiabank, Santander, HSBC and BBVA.
This offering follows the Firm advising FEFA on a series of bond offerings, including its inaugural green bonds in 2018. FEFA has made the largest number of green bonds issuances in the Mexican securities market.
The White & Case team in Mexico City that advised FEFA on the transaction was led by partner Manuel Groenewold (Picture), and included associates Eric Quiles and Simon Micha Kurc.
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