Carey assists IFC on first Latam ICMA Social Bonds Principles issuance
Carey has counselled International Finance Corporation on Fondo Esperanza social bonds issuance
Carey advised International Finance Corporation on a $10 million investment in Fondo Esperanza’s commercial papers as a cornerstone investor. This microfinance entity supports vulnerable sectors in Chile, especially women micro-entrepreneurs, becoming the first “social” and gender-focused debt securities in the Chilean capital market.
The agreement represents the first issuance of commercial social papers in Latin America following the rules of the Social Bonds Principles (SBP) of the International Capital Market Association (ICMA).
Carey team was led by partner Cristián Eyzaguirre (pictured), and involved associates Giannina Veniú, and Carlos Alcalde.
Barros y Errázuriz acted as legal counsel to Fondo Esperanza with a team formed by partner Cristián Barros, senior associate Cristián Risopatrón, and associate María Teresa Polgatti.
IFC in-house lawyer was Paola Morales.
