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On a patch of wasteland that once sat at the bottom of Lake Texcoco on the northeastern fringes of Mexico City, work is underway to build the world’s most environmentally sustainable airport – a project funded in part by Latin America’s largest-ever green bond.
The $2 billion dual-tranche deal issued by Mexico City Airport Trust in late September lifted the number of internationally marketed Latin American green-bond sales this year to five. That might seem like small change but it is almost double all previous issuance since Dealogic started tracking green-bond transactions in 2007.
That uptick in deals comes at a stage when global green-bond issuance continues to hit new highs, with $53 billion raised at the start of October – smashing the previous record of $36 billion issued during 2015.
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While the number of Latin American green bonds is dwarfed by those issued in Europe and Asia, the recent surge of deals...
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