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The issue of thematic bonds in Mexico has risen in the last two years and it is expected that this will set a new record, said María Ariza, general director of the Institutional Stock Exchange (Biva).
Since 2018, the Mexican stock market has placed just over 76,000 million pesos. Only in 2021 the figure has been 53,000 million pesos with the issuance of 23 bonds under different labels, such as green, social, sustainable and linked to sustainability.
During her participation in the forum “Finanzas Sustentables MX 21”, organized by the Green Finance Advisory Council (CCFV), María Ariza said that in Biva 26,000 million pesos have been issued this year, in 10 bonds, among which the first bond linked to Covid-19.
“These instruments have an excess demand of between 1.5 and up to five times with respect to the total amount placed, achieving a greater participation of investors, especially international institutions,” emphasized María Ariza.
In his speech, José Manuel Allende Zubiri, deputy general director of Issuers Promotion, Information and Markets of Grupo BMV, highlighted the growth that has had the placement of tagged debt, since this year, the ASG financing channeled already represents 37% of everything issued in the long-term debt market through the stock market, while in 2020 it represented 12 percent.
Lack of further disclosure
The CEO of Biva acknowledged that there is still a long way to go in this thematic bond market, especially since it is still necessary to standardize the sources of information and metrics to evaluate the performance of these fixed income instruments.
The foregoing has posed a challenge for companies to incorporate environmental, social and better corporate governance (ESG) factors in the core of the business and in the part of operational risks.
For his part, Álvaro García Pimentel, president of the Mexican Association of Stock Market Institutions (AMIB), said that companies and stock exchanges should be prepared to guarantee the availability of ESG information in favor of users of the stock market.
He commented that stock market institutions, from corporate banking and investment fund operators, play a fundamental role in promoting sustainable financing, allocating resources towards assets and projects related to renewable energy, energy efficiency, sustainable infrastructure, use of water and waste.
“Progress is important but it does not end. There is a gap between sustainable financing that we must achieve towards 2030. According to the National Institute of Ecology and Climate Change, an investment of close to 126,000 million dollars is necessary between 2015 and 2030 aimed at the development of green infrastructure and sustainable in Mexico to achieve the transition to a low carbon economy adverse effects of climate change, “he said.
judith.santiago@eleconomista.mx
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