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After placing the first green bond of the Latin American agricultural sector for 2.5 billion pesos on the Mexican Stock Exchange (BMV), the Agriculture-Related Trusts (FIRA) will be a recurring issuer in this market that starts to to develop in the country, said the director general of the institution, Rafael Gamboa González.
In this regard, he stated that the next federal government had a strong interest in supporting further development of the sector through a sustainable approach and that investors wanted to participate in this type of financing.
"I would expect all support in the sense that they will see FIRA as the institution that will positively contribute to the goals of the next administration. This is the first issue and we will continue to see the next year's emissions in this sector on a recurring basis, "said Gamboa.
With the 2,500 million pesos obtained with green bonds, the second tier bank will fund 506 sustainable agriculture projects, such as greenhouses, and the efficient use of water, which should reduce 5 250 tonnes of carbon dioxide (CO2)) and a water saving of 38 million cubic meters per year.
On demand
The issuance of green bonds of FIRA has recorded an excess demand of twice the amount placed and obtained competitive rates. This offer was referenced to TIIE plus 15 basis points and represents the lowest price in three years. Among the investors were insurers, private banks and investment funds.
He said that the loan portfolio of the institution under environmentally friendly projects amounted to more than 8 billion pesos in August 2018.
At the beginning of next year, Fira will announce its debt issuance plan, as with this issue, it will close its financing requirements for this year 2018.
FIRA has been a recurrent debt issuer on the local market since 2012, with more than 208 issues for more than 205,000 million pesos.
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