Press Release: Symbiotics launches first USD 10.25 million Social Bond with Cooperativa de Ahorro y Crédito ABACO in PeruTuesday 4th, August 2020
Geneva, August 4, 2020 – Symbiotics, the leading market access platform for impact investing, has arranged its first Social Bond, raising USD 10.25 million (PEN 36.1 million) for Cooperativa de Ahorro y Crédito ABACO (“ABACO”), a credit institution in Peru.
This bond is issued via Symbiotics’ sponsored bond issuance platform (Micro, Small & Medium Enterprises Bonds S.A.) under its Sustainability, Social and Green Bond Framework, which was certified in December 2019 by DNV GL. The Social Bond proceeds are to be fully used towards a 4-year, senior unsecured, local currency loan to ABACO.
ABACO is a Peruvian loans and savings cooperative that has been serving small and medium-sized enterprises and agriculture businesses for more than 35 years. It operates through financial intermediaries in rural areas where access to financing is limited. The proceeds of the Social Bond will be used to finance small and medium-sized enterprises within the trade, services and agriculture sectors, in particular the food industry, commercial stores and farms.
Symbiotics is the leading market access platform for impact investing, dedicated to financing micro- small and medium enterprises and low- and middle-income households in emerging and frontier markets. Since 2005, Symbiotics has structured and originated some 4,000 deals for over 450 companies in almost 90 emerging and frontier markets representing more than USD 5.5 billion. These investments have been purchased by more than 25 fund mandates and more than 50 third party specialized fund managers, forming a growing ecosystem and marketplace for such transactions.
For more information, contact:
Samy Derradji, Symbiotics, Corporate Communication Manager