We advised Pro Mujer on the issuance of its first bond in Argentina
We advised Pro Mujer in the issuance of the first gender bond under the new Guaranteed Regime for Social Impact Issues.
Last February, PRO MUJER Servicios Financieros S.A. (“PRO MUJER”) carried out the first issuance in Argentina of a social bond with an absolute focus on gender perspective under the new Simplified and Guaranteed Regime for issuance of Negotiable Obligations with Social Impact. The issuance constitutes a historical milestone in the Argentinean capital market and even in Latin America.
The Negotiable Obligations PRO MUJER Series I, which will mature on February 6, 2024, were issued for a nominal amount of AR$200,000,000 and will accrue interest at a variable interest rate, which will be equivalent to the Private Badlar Rate. They are in line with the Social Bond Principles (SBP) of the ICMA (International Capital Market Association) and have been issued in accordance with the “Guidelines for the Issuance of Social, Green and Sustainable Securities in Argentina” contained in the CNV Rules (N.T. 2013 and mod). The rating of the Notes as “bono social BS2” was carried out by the Universidad Nacional de Tres de Febrero (UNTREF) in its capacity as external reviewer.
PRO MUJER, in compliance with the Guidelines, will allocate the total net proceeds from the placement of the Negotiable Obligations to the direct financing of 1,700 low-income women between 18 and 75 years of age, owners of micro and small businesses that perform and/or work in productive, service, trade, textile or agricultural economic activities and/or in the semi-formal economy, and who need financing for the investment capital and operations of their micro-enterprises or for their families.
The Negotiable Obligations were admitted for listing in Bolsas y Mercados Argentinos S.A. in the SVS Panel and authorised for trading in the Mercado Abierto Electrónico S.A. (Open Electronic Market).
In this issue, Banco de Galicia y Buenos Aires S.A.U., Banco Hipotecario S.A., Banco Supervielle S.A. and Banco Comafi S.A. acted as arrangers, underwriters and guarantors, while Allaria Ledesma & Cía S.A. acted as placement agent.
