Grupo Bimbo Secures $850M Dollars in Sustainability-Linked Bonds - Smart Energy Decisions

GHG Emissions, Industrial, Finance  -  June 2, 2023

Grupo Bimbo Secures $850M Dollars in Sustainability-Linked Bonds

Grupo Bimbo announced it secured approximately $850 million dollars in Sustainability-linked Bond (SLB), representing the largest in the history of the Mexican market, and the largest transaction so far during the year.

The issuance included a first series of approximately $680 million dollars, with a 10-year maturity and a 9.24% annual fixed rate, and the second series of approximately. $170 million dollars, with a 3-year maturity and an annual floating rate of 28-day TIIE +0.10%.

The bonds are linked to Sustainability Performance Targets aligned to the net zero-carbon emission strategy of Scope 3, which accounts approximately for 90% of Grupo Bimbo's carbon footprint. The company obtained a second-party opinion (SPO), which rated the Sustainability Performance Targets of this issuance as material and relevant.

"We tapped the Mexican market once again, this time through our first ESG-labelled bond, ranking the fifth SLB for Scope 3 globally and the first in Latin America, in line with our ambitious global long-term sustainability strategy. This transaction strengthens our financial position while reaffirming our sustainability commitments, specifically our undertaking to become a net-zero carbon Company by 2050,” said Diego Gaxiola, CFO of Grupo Bimbo, in a statement.

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