Grupo Bimbo, a food company, has announced the issuance of sustainability-linked bonds worth $850 million, the largest corporate sustainability-linked bond in the history of Mexico’s market. The two series of bonds, valued at $680 million and $170 million, respectively, are linked to Sustainability Performance Targets related to Scope 3, which accounts for about 90% of the company’s carbon footprint and aligns with its net zero-carbon emission strategy. The company plans to utilize the proceeds to repay bank debt and enhance its financial flexibility. The bonds have received a second-party opinion rating, indicating that the sustainability performance targets are material and relevant. This is the first ESG-labeled bond for Grupo Bimbo and the first Scope 3-linked bond in Latin America.
resource: https://esgnews.com/grupo-bimbo-announces-850-million-sustainability-linked-bond/