Garrigues represents LAGREEN in offering of BanBif Green Bonds
Garrigues has locally represented Latin American Green Bond Fund (LAGREEN), advised by Finance in Motion, as purchaser, in a private offering of $20 million in Tier 2 Subordinated Green Bonds by Banco Interamericano de Finanzas (BanBif).
The placement was made on December 11, while the issuance took place on December 18, 2024. CAVALI acted as paying agent and Credicorp Capital Sociedad Agente de Bolsa acted as placement agent.
The proceeds of the Bonds will be used by BanBif to finance and refinance projects in renewable energy, green buildings, clean transportation and energy efficiency, among other sectors. These projects will be selected based on specific sustainability and ecological criteria to ensure compliance with international sustainable financing standards established by the purchaser.
The offering is rated as a Green Bond in accordance with the Green Bond Principles of the International Capital Markets Association, as certified by a Second Party Opinion issued by Standard and Poor’s, and is the first Peruvian offering of Tier 2 subordinated bonds labeled as green bonds.
BanBif is a Peruvian bank engaged in financial intermediation to support the development of the local economy, its main corporate purpose being the allocation of financial resources and the provision of all types of banking services and operations permitted by law. The bank also has a Sustainability Policy aimed at supporting and guiding the achievement of its strategic objectives through responsible, sustainable and continuous improvement practices.
Andrea Alba Molina acted as in-house counsel to Finance in Motion, while Vania Gongora provided in-house counsel to BanBif.
Garrigues’ team was led by partner Diego Harman (pictured), with support from principal associate Miluska Gutiérrez, and associates Germán Gómez and Jimena Valega.
