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BNDES closes inaugural green bond issuance

Por: Latin LawyerImprimirVisualizar em PDF

Cleary Gottlieb Steen & Hamilton LLP's New York and London offices have helped Brazilian development bank BNDES raise US$1 billion through the issuance of its first tranche of international green bonds.

Crédit Agricole, JP Morgan and Merrill Lynch, Pierce, Fenner & Smith were joint bookrunners and enlisted Shearman & Sterling LLP in New York, London and São Paulo and Brazil's Pinheiro Neto Advogados.

The offering closed on 9 May and attracted orders of over US$5 billion. The notes will be listed on the Luxembourg Stock Exchange.

BNDES will use the funds for the development, construction and expansion of renewable energy projects. BNDES is the leading funding source for wind projects in Brazil and has approved over 80 financings in the wind sector in the last four years. The Brazilian government expects wind farms to account for 11% of the country's energy mix by 2023.

Green bonds, which are slowly becoming more frequent in Latin America, are financial instruments tied to the development of environmentally friendly projects.

Brazilian paper manufacturer Fibria recently issued US$700 million in green bonds in February, which was the largest from a Brazilian entity at the time. The state-owned concessionaire developing Mexico City's new airport project completed Latin America's largest-ever issuance of green bonds in September, with a US$2 billion offering.

 

Counsel to BNDES

Cleary Gottlieb Steen & Hamilton LLP

Partner Nicolas Grabar, senior attorney Carlos von der Heyde and associates Marc Rotter, Daniel Chor and Josiah Child and international lawyer Rafael Andrade in New York; and partners Raj Panasar, Andrew Shutter and Richard Sultman, and associates Sean Darling, Jennifer Maskelland Chloe Barrowman in London

 

Counsel to Crédit Agricole, JP Morgan and Merrill Lynch, Pierce, Fenner & Smith

Shearman & Sterling LLP

Partner Stuart Fleischmann and associates Flavio Averbug, Mariana Pacini and Hillary Bailey in New York, counsel Leona McManus and associate Elizabeth Stroud in London and associate Filipe Lima in São Paulo

Pinheiro Neto Advogados

Partner Ricardo Russo and associates Alexandre Rios and Cristina Liu in São Paulo

 

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