FIRST EVER SUSTAINABILITY-LINKED SOVEREIGN BOND SUPPORTS THE REPUBLIC OF CHILE'S CLIMATE AMBITIONS

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Societe Generale acted as an Active Bookrunner and Joint Sustainability Structuring advisor for a new USD 2bn 20-year sustainability-linked bond transaction for the Republic of Chile.

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Provider: 
PR NewswirePR Newswire
Retrieved on: 
Friday, March 4, 2022
Information
Tags: 
Carbon, SLB Acquisition Holdings LLC, Societe Generale bank Montenegro, Ministry of Finance, World, Global, DJSI, Sustainability, Republic, Ministry, Société Générale, USD, FTSE4Good Index, ESG, CLP, Paris, Financial services, Group, Development, Paris Agreement, Achievement, Cryptocurrency, Renewable energy, Insurance
Geotags: 
NEW YORK, EUROPE, RUSSIA, AFRICA, CHILE, CENTRAL
Organisation: 
SOCIETE GENERALE
Summary
Key Points: 
  • Societe Generale acted as an Active Bookrunner and Joint Sustainability Structuring advisor for a new USD 2bn 20-year sustainability-linked bond transaction for the Republic of Chile.
  • The transaction references the Republic of Chile Sustainability-Linked Bond Framework published on February 23rd, 2022.
  • This transaction marks the first sustainability-linked offering by the Republic of Chile, as well as the first sustainability-linked bond ever issued by a sovereign globally.
  • The transaction was very well received by the investor community, garnering a ~$6bn final orderbook (3x oversubscription) at a final landing level of T+200bps.


FIRST EVER SUSTAINABILITY-LINKED SOVEREIGN BOND SUPPORTS THE REPUBLIC OF CHILE'S CLIMATE AMBITIONS

NEW YORK, March 4, 2022 /PRNewswire/ -- Societe Generale was active bookrunner and joint sustainability structuring advisor of first-ever sustainability linked sovereign bond

Societe Generale acted as an Active Bookrunner and Joint Sustainability Structuring advisor for a new USD 2bn 20-year sustainability-linked bond transaction for the Republic of Chile. The transaction references the Republic of Chile Sustainability-Linked Bond Framework published on February 23rd, 2022. 

This transaction marks the first sustainability-linked offering by the Republic of Chile, as well as the first sustainability-linked bond ever issued by a sovereign globally.

The transaction was very well received by the investor community, garnering a ~$6bn final orderbook (3x oversubscription) at a final landing level of T+200bps.

The new bonds are the first debt offering under the Republic of Chile's new SLB Framework and follows Chile's issuance of green bonds in 2019 and sustainable bonds in 2020, both firsts for Latin American sovereign issuers, and its issuance of landmark social bonds in 2021. Having issued in sustainable format in EUR, USD and CLP over the past three years, Chile is already a reference signature in this market.

Through the new SLB Framework, Chile's Ministry of Finance is further expanding its commitment to sustainable development and, through the issuance of SLBs, Chile intends to leverage ambitious timelines to achieve strong sustainable outcomes that are relevant, core and material to Chile and its people, as well as to create a benchmark for other sovereigns.

The Republic of Chile's sustainability-linked bonds were issued with a coupon rate tied to the achievement of Sustainability Performance Targets, measured through two KPIs: (i) Absolute Greenhouse Gas Emissions (MtCO2e), and (ii) Share of Non-Conventional Renewable Energy Generation in the National Electric System. Chile's SLB Framework and bond issuance are grounded in Chile's commitment to the Paris Agreement. The SLB Framework received a favorable Second Party Opinion.

Societe Generale has acted as the structuring advisor for highly visible inaugural green, social and sustainability transactions for key clients in all asset classes, across the globe, highlighting the bank's strong advisory capabilities in the Sustainable and Positive Impact finance field.

Societe Generale

Societe Generale is one of the leading European financial services groups. Based on a diversified and integrated banking model, the Group combines financial strength and proven expertise in innovation with a strategy of sustainable growth. Committed to the positive transformations of the world's societies and economies, Societe Generale and its teams seek to build, day after day, together with its clients, a better and sustainable future through responsible and innovative financial solutions.

Active in the real economy for over 150 years, with a solid position in Europe and connected to the rest of the world, Societe Generale has over 133,000 members of staff in 61 countries and supports on a daily basis 30 million individual clients, businesses and institutional investors around the world by offering a wide range of advisory services and tailored financial solutions. The Group is built on three complementary core businesses:

  • French Retail Banking which encompasses the Societe Generale, Crédit du Nord and Boursorama brands. Each offers a full range of financial services with omnichannel products at the cutting edge of digital innovation;
  • International Retail Banking, Insurance and Financial Services to Corporates, with networks in Africa, Russia, Central and Eastern Europe and specialized businesses that are leaders in their markets;
  • Global Banking and Investor Solutions, which offers recognized expertise, key international locations and integrated solutions.

Societe Generale is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

For more information, you can follow us on Twitter  @societegenerale or visit our website www.societegenerale.com

 

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SOURCE Societe Generale

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