- Scotiabank acted as joint bookrunner of the first Blue Bond issued in Mexico by FIRA for MXN$4,500 million to support sustainable fishing and aquaculture.
- With this transaction, Scotiabank strengthens its position as one of the leading bookrunners in the ESG-labelled bond market in Mexico.
Scotiabank participated as joint bookrunner of the first Blue Bond focused on sustainable fishing and aquaculture in Mexico, carried out by Fideicomisos Instituidos en Relación con la Agricultura (FIRA).
This issuance of FIRA, performed through the Fondo Especial de Financiamientos Agropecuarios (FEFA), consisted of three issuances of Long-Term Fiduciary Stock Certificates, obtaining a total of MXN$7,000 million. One of these instruments is labelled as a Blue Bond issued for MXN$4,500 million, with the following features:
- It is the first Blue Bond focused on sustainable fishing and aquaculture in Mexico.
- It has a fixed rate, with a 6-year term.
- The resources from the Bond will be used to finance or refinance projects defined under FIRA’s Sustainable Bond Framework, which include responsible aquaculture, low-impact coastal fishing and sustainable deep-sea fishing. The eligible categories in this Framework are aligned with the Green Bond Principles, the Social Bond Principles 2023, and the Sustainability Bond Guidelines issued in 2021 by the International Capital Market Association (ICMA). This Framework also received a second-party opinion from Sustainalytics.
Through this transaction, Scotiabank Mexico reaffirms its focus on sustainable finance and solidifies its position as a top bookrunner in the ESG bond market in Mexico, with a 19% stake in the value of issuances up to the end of October 2024, amounting to more than 20 billion pesos.
Adrian Otero, Country Head of the Bank in Mexico said, “At Scotiabank we continue demonstrating our interest in supporting companies and institutions to implement their sustainability goals. Participating in FIRA’s inaugural Blue Bond is a source of pride, as it marks a milestone for sustainable fishing and aquaculture in Mexico and will surely be a reference for the financial markets.”
The development of the bond required preliminary studies that were carried out jointly by FIRA, the French Development Agency (AFD), the Inter-American Development Bank (IDB), and the Global Green Growth Institute (GGGI). These studies indicate that Mexico has competitive advantages to position itself among the main producers of fish and seafood, hence the importance of promoting sustainable operations that contribute responsibly to the food supply. The Blue Bond will be an important contribution to this goal.
Scotiabank Mexico played an active role in the transaction, providing value-added information on best practices for the development of FIRA’s sustainable bond framework. This Blue Bond is aligned with the fulfillment of three Sustainable Development Goals of the United Nations 2030 agenda: Zero Hunger, Responsible Consumption and Production and Life Below Water.1
Scotiabank has supported FIRA in 11 ESG labelled bond transactions, including the Blue Bond, carried out between 2019 and 2024. These issuances include bonds aimed at promoting financial inclusion, gender equality, microcredit, and adaptation to climate change.
Learn more about our Sustainable Finance Group
1 As outlined by FIRA in its Sustainable Bond Framework published in 2024.
