Symbiotics Investments has arranged a green bond repack, which permitted Amundi Asset Management, a subsidiary of the Credit Agricole group, to take a USD 50,000,000 exposure to a blue bond issued by BBVA Colombia, the largest foreign investor in the Colombian financial system.
The issuance of the blue bond gives BBVA Colombia a fresh source of funding to grow their investments in water and marine-related projects. The projects that will be financed include sustainable water and wastewater management such as investments in new drinking water treatment; pollution prevention and control, such as the use of recycled plastics for manufacturing in a circular economy approach; and renewable energy, with a specific focus on marine renewables.
Amundi’s USD 50 million investment in BBVA Colombia’s blue bond was channeled via a repack of the blue bond issued locally in a debenture format. The repack brought BBVA Colombia’s blue bond in a format eligible for Amundi to invest in. The features of the repack include an ICMA green bond format, a listing on the Luxembourg Stock Exchange, a display on the Luxembourg Green Exchange “LGX”, as well as a public rating by Fitch Ratings. The repack was issued by Micro, Small & Medium Enterprises Bonds S.A. (“MSME”), a vehicle arranged by Symbiotics UK Ltd, a fully owned subsidiary of Symbiotics Investments.
The underlying blue bond has been issued by BBVA Colombia and arranged by the International Finance Corporation “IFC”, a member of the World Bank Group: the largest global development institution focused on the private sector in emerging markets. All eligible projects under the blue bond are aligned with MSME’s Sustainable Bond Framework, falling exclusively under the green categories scope.
“With this green bond Symbiotics Investments offers investors a participation in a blue bond, and exposure to marine and water related investments in Colombia, which would not be accessible to them directly.“, said Philipp Jung, Director Symbiotics UK & Head of Transaction Legal & Structuring.
“We are pleased to participate in this blue bond together with IFC. We see Colombian sustainable water resources management as an area offering attractive opportunities and hope this project will facilitate more foreign capital into this space.”, stated, Maxim Vydrine, Co-head of Emerging Credit at Amundi.
“Since 2020, IFC has provided more than USD 1.3 billion in loans and blue bonds to financial institutions and private sector companies all over the world. IFC is fully committed to the development of the blue economy in Colombia.”, stated Elizabeth Martínez de Marcano, IFC’s Regional Director for Colombia, Mexico, Central America and the Caribbean.
“At BBVA we are committed to helping to meet the ambitious environmental goals set by the country and therefore, protecting water resources and helping to conserve the seas is one of our priorities. That is why we decided to take a step forward with the issuance of the first blue bond in Colombia and to continue advancing in the financing of initiatives that allow the conservation of this resource, it is great news.”, stated Mario Pardo, Executive President BBVA Colombia.
The following SDGs are promoted with this bond:
Link to Luxembourg Stock Exchange
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About Symbiotics Investments
Symbiotics Investments SA is the leading market access platform for impact investing, dedicated to private markets in emerging and frontier economies. The group offers investment, asset management and capacity building services. Since 2005, Symbiotics Investments (and its related parties) has originated over 7,700 investments representing more than USD 9.6 billion for 579 companies in 95 countries. symbioticsgroup.com
About Amundi
Amundi, the leading European asset manager, ranking among the top 10 global players, offers its 100 million clients – retail, institutional and corporate – a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €1.95 trillion of assets. With its six international investment hubs, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape. Amundi clients benefit from the expertise and advice of 5,400 employees in 35 countries. amundi.com
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information. ifc.org
About BBVA Colombia
BBVA in Colombia is part of the BBVA Group, a global financial group founded in 1857, present in more than 25 countries, with a leading position in the Spanish market, the largest financial institution in Mexico and leading franchises in South America and Turkey. In Colombia, it is the largest foreign investor in the Colombian financial system and the fifth in the country. bbva.com.co
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For more information, contact:
Roberta Maurutto, Corporate Communication Specialist, Symbiotics
roberta.maurutto@symbioticsgroup.com
Jaïs Mehaji, Head of Communications – UK, Amundi
jais.mehaji@amundi.com
Mauricio Alejandro Gonzalez Lara, Communications Officer, Mexico and the Andean Region, IFC
mgonzalezlara@ifc.org
María Carolina Ramírez Bonilla, External communications manager, BBVA mariacarolina.ramirez.bonilla@bbva.com