LatAm SLB market finds nuance amid maturity, sector diversification

Brazil, wind, Lençóis Maranhenses, LatAm, 575
By Oliver West
29 Apr 2021

Latin America’s sustainability-linked bond (SLB) market is taking on a life of its own as issuers warm to the structure and tailor it to their own needs. Brazilian cosmetics company Natura was one such company to do just that this week, veering away from the standard 25bp coupon step-up on its SLB debut.

After Enel sold the first ever SLB in 2019, it took a year for any other issuer to follow the Italian company’s example. When the second deal came, it was from Brazilian pulp and paper company Suzano, and Brazil has since become a hub for sustainability-linked issues, with ...

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