16 June 2023

BBVA México and Grupo Bimbo place the company’s first Sustainability-Linked Bond, for MXN15 billion pesos

 

BBVA congratulates Grupo Bimbo for its successful placement of sustainability-linked notes for MXN15 billion pesos, marking the company’s return to the local securities debt market for the first time since 2017.

   

This is the first thematic bond for Grupo Bimbo, and also the largest sustainability-linked corporate bond issue in the Mexican market.  It is the fifth Scope 3 bond in the world and the first in Latin America.

   

The transaction went out in two tranches, both with the ESG label:

 
  • BIMBO 23L: MXN12 billion at a fixed rate, at 10 years. Placed at a price of 44bp over the 2033 MBono (8.80%; for a fixed coupon of 9.24%), 6bp below the IPT.
 
  • BIMBO 23-2L: MXN3 billion at a variable rate, at 32 years. Placed at a spread of 10pb over the 28-day TIIE, 3bp below the IPT.
 

The terms of the notes are subject to compliance with key performance indicators on net scope 3 carbon emissions (that is, CO2 emissions that come from the company’s value chain), which account for approximately 90% of Group Bimbo’s carbon footprint.