MCRM advises PRO MUJER on first gender bond issue
Mitrani Caballero & Ruis Moreno has advised PRO MUJER Servicios Financieros in its first issue in Argentina of a social bond with an absolute focus on gender perspective under the new Simplified and Guaranteed Regime for issues of Negotiable Obligations with Social Impact.
The Negotiable Obligations PRO MUJER Series I were issued on February 6th for a nominal amount of AR$200.000.000, will mature on February 6th, 2024 and will accrue interest at a variable interest rate, which will be equivalent to the Private Badlar Rate.
The Notes are aligned 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 Negotiable Obligations as “social bond BS2” was carried out by the Universidad Nacional de Tres de Febrero (UNTREF) in its capacity as external reviewer.
Thanks to this operation, PRO MUJER will be able to allocate the total funds to directly finance 1,700 low-income women, between 18 and 75 years old, owners of micro and small enterprises, who carry out and/or work in productive economic activities, services, commerce, textiles or agriculture 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 Notes were admitted for listing on the Argentinean Stock Exchanges and Markets on the SVS Panel and were authorised for trading on the Electronic Open Market.
Banco de Galicia y Buenos Aires, Banco Hipotecario, Banco Supervielle and Banco Comafi acted as arrangers, underwriters and guarantors; while Allaria Ledesma & Cía acted as underwriter. These entities were advised by Beccar Varela.
MCRM’s team was led by partner Mercedes Rodriguez Giavarini (pictured left), with support from senior counsel Nicolás Fernandez Madero, and associates Melina Goldberg and Juan Manuela Iglesias Mamone.
Beccar Varela’s team consisted of partner Luciana Denegri (pictured right) and associates Julián Ojeda, María Belén Tschudy and María Inés Cappelletti.
