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First Green Bonds on the Costa Rica Exchange

June 21, 2021 Cbonds
EM Bonds: Cbonds keeps telling about the features and trends in the EM bond markets

The National Stock Exchange of Costa Rica (Bolsa Nacional de Valores) has announced the first public offering of green bonds in the local market.

The 50 billion colones ($81 million) 5-year bonds issued by Banco Popular y de Desarrollo Comunal were the first green bond pegged to the interbank discount rate (TRI). The issue received a credit rating of AA + (CR) from the Sociedad Calificadora de Riesgo Centroamericana rating agency and AA + (cri) from Fitch Ratings.

The redemption of the securities is scheduled for 2026. The received funds will be used to attract investments to refinance projects related to renewable energy sources, energy efficiency, and water resources management.

The volume of Costa Rica's corporate bond market is about 2,972.8 billion colones ($4.8 billion), which is a common figure for this market. In the first five months of 2021, approximately 244.2 billion colones of debt were issued in Costa Rica's corporate bond market. For comparison, over the same period in 2019, about 287.5 billion colones of debt were issued, and in 2020 - 420.3 billion colones.

Despite the decline in indicators, it is worth noting the positive dynamics of the corporate bond market in Costa Rica ("B2/B/B" - M/S&P/F) due to the issuance of new types of bonds that meet various funding needs.

Company — Costa Rica
  • Full name
    Ministry of Finance of the Costa Rica
  • Registration country
    Costa Rica