The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Green bonds come of age in Latin America

LatAm has seen a surge in ESG bond issuance this year, as banks and corporates play catch up in the sector.


The burst of activity from Latin American issuers in international capital markets this year has involved a large environmental, social and governance (ESG) component.

Both corporates and banks have been raising funds either through structures that funnel funds into ESG-related projects or those that have pricing triggers for the issuer’s corporate ESG goals.

On January 6, BTG Pactual was the first of the region’s banks to bring a green bond to international investors – not just this year, but ever. The Ba2/BB-rated bank sold $500 million bonds at a 2.875% yield – tightening from initial price thoughts of 3.25%.

Proceeds will be targeted at renewable energy, energy efficiency, sustainable water and wastewater management, clean transportation and green buildings. There are no ticket or diversification requirements, but eligible projects should have disbursement during the 36 months preceding the issue date or in the 36 months after it.

Patricia Genelhu, head of the sustainable and impact investing group created at BTG Pactual last year, says the bank’s focus has enabled it to lead ESG finance in the region as the sector plays catch-up.

The deal was brought by BTG Pactual, Citi, Crédit Agricole, Credit Suisse, Itaú and Santander, while Crédit Agricole was also the sustainability structuring adviser.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree