Mitrani and Beccar Varela guide NGO gender bond issuance
Related practice areas: ESG – Capital Markets
LATIN LAWYER
Mitrani, Caballero & Ruiz Moreno has helped Latin American-focused NGO Pro Mujer raise 370 million Argentinian pesos (US$1 million) worth of social bonds.
The underwriters relied on Beccar Varela for the deal, which closed on 12 September.
The notes carry a 2.5% interest rate and mature in 2024.
The bonds were listed on the country’s Bolsas y Mercados Argentinos stock exchange and authorised for trading on the Mercado Abierto Electrónico.
The notes adhere to social bond principles set out by the International Capital Market Association and also follow sustainability guidelines set out by Argentina’s Securities and Exchange Commission.
Pro Mujer will use the funds to support women entrepreneurs from low-income backgrounds in Argentina. This includes providing loans to small and medium-sized women-led enterprises (SMEs) across a range of sectors including commerce, textiles and agriculture.
The deal follows on from Pro Mujer’s 200 million Argentinian pesos (US$571,000) social bond issuance in Febuary, which was the first-ever offering of that type with a 100% focus on gender.
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