Crédit Agricole CIB Supported Chile’s Inaugural Formosa Bonds in a Sustainable Format, Becoming First Sovereign Issuer in ...
15 Abril 2021 - 8:07AM
Business Wire
The Republic of Chile has successfully issued US$1.5 billion of
sustainability bonds. Dual listed on Taipei Exchange and London
Stock Exchange, this is Chile’s first sustainability bonds issuance
and first Formosa bond, and the Formosa market’s first
sustainability bond transaction by a foreign issuer. The active
participation of Taiwanese investors in this issuance highlights
the success of the issuer’s effort in diversifying its investor
base, and reflects the increasing appetites for sustainable finance
in Taiwan. Crédit Agricole CIB is a joint bookrunner and the lead
manager in this transaction.
The issuance of these Formosa bonds and the participation of
Taiwan investors are the successful result of Chile’s
diversification strategy to broaden their investor base, and
reaffirmed the issuer’s leadership on the market of thematic bonds,
which represent 15.5% of the Central Government’s outstanding debt
stock.
“Crédit Agricole CIB is proud to create value on a transaction
for a sophisticated issuer like the Republic of Chile,” said Gordon
Kingsley, the Head of Latin America Debt Capital Markets at Crédit
Agricole CIB. “The transaction has demonstrated the Bank’s top
sustainable banking credentials and the ability to deliver
high-quality transactions for our clients with a strong global
capital markets platform.”
The bonds leverage Chile’s Sustainability Bond Framework, which
lays out eligible green and social expenditures and guides the
issuance of Chile’s Social, Green, and Sustainability Bonds. Jorge
Ramírez, Senior Country Officer of Crédit Agricole CIB Chile said,
“For the third consecutive year, we are very pleased to have
advised the Republic of Chile with an innovative transaction,
helping Chile to further consolidate its leadership and pioneering
role in thematic bonds in the Americas.” Chile has been the most
active sovereign ESG issuer in the Americas. In total, the Republic
of Chile has issued approximately USD14.4 billion in thematic
bonds, of which 54% are green, 36% are social and, as of March
30th, 10% are sustainable. This issue also marked the first
sovereign sustainability bond in Taiwan market, since the
promulgation of related regulations by Taipei Exchange in October
2020.
Taiwan has been engaging with sustainable finance practices
since 2017, when the Taipei Exchange rolled out the first green
bonds scheme in Taiwan. Benjamin Lamberg, Chief Executive Officer
of Crédit Agricole CIB Taipei Branch, added, “From our perspective
Taiwan is well positioned for the development of this sector. With
increasing numbers of local institutional investors answering the
call of responsible investments, demand for sustainable bonds have
picked up quickly and the strong appetites for this Chile issuance
affirms this trend.”
Crédit Agricole CIB developed its deep knowledge and presence in
this market with its 40 years of operations in Taiwan. The Bank has
been an active underwriter and issuer in sustainable bonds, being
the first foreign issuer to issue green bonds in Taiwan, and in
2020 it took a step further by issuing two series of TWD
denominated green bonds to support its lending activities in Taiwan
directly. Crédit Agricole CIB believes that the consistent
regulatory framework and efficient execution process in Taiwan will
attract more market players.
About Crédit Agricole Corporate and Investment Bank (Crédit
Agricole CIB)
Crédit Agricole CIB is the corporate and investment banking arm
of Crédit Agricole Group, the 12th largest banking group worldwide
in terms of tier 1 capital (The Banker, July 2020). Nearly 8,400
employees across Europe, the Americas, Asia-Pacific, the Middle
East and Africa support the Bank's clients, meeting their financial
needs throughout the world. Crédit Agricole CIB offers its large
corporate and institutional clients a range of products and
services in capital markets activities, investment banking,
structured finance, commercial banking and international trade. The
Bank is a pioneer in the area of climate finance, and is currently
a market leader in this segment with a complete offer for all its
clients.
For more information, please visit www.ca-cib.com
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For media enquiries:
Crédit Agricole Corporate and Investment Bank
Kurtis Sze Assistant Manager, Communications, Asia-Pacific
Email: kurtis.sze@ca-cib.com Tel: +852 2826 1055
Lilian Kung Head of Communications, Asia-Pacific Email:
lilian.kung@ca-cib.com Tel: +852 2826 1052
Jenna Lee Head of Communications, Americas Email:
jenna.lee@ca-cib.com Tel: +1 212 261 7328
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