On June 20, 2023, Scotiabank supported Inversiones CMPC (CMPC) as it successfully re-entered international debt markets and issued US$500 million in senior, unsecured green & sustainability-linked notes, the first such green-sustainability-linked bond issued in the Americas.
With Scotiabank serving as Joint Bookrunner Manager, the 10-year denominated notes quickly received strong investor demand, resulting in a 7.4X peak in oversubscription – that is, the third highest oversubscription in Latin America in 2023 – and allowed CMPC to tighten pricing of its new bond at T+240 bps. The bond’s sustainability-linked feature includes a key performance indicator targeting the reduction in absolute GHG emissions by 50% from a 2018 baseline by December 31, 2030. CMPC intends to use the proceeds from the sale of the notes to finance or refinance expenditures and investments in eligible green projects by the company or its subsidiaries. This was CMPC’s first international debt issuance since 2021.
US $500,000,000
6.125% Senior Unsecured Green & Sustainability-Linked Bond due 2033
Global Coordinator and Joint Bookrunner Manager
June 2023
