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Brazilian Treasury raises $2bn in green bonds

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The National Treasury raised $2 billion in its first sustainable bonds issue—known as "green bonds"—in the international market. The bonds mature in 2031.Demand for the bonds was more than twice the offer, according to people close to the operation. As a result, the rate was 6.5% per year, below the 6.8% previously indicated by investors.With the operation, the Treasury aimed to diversify funding sources and open the path for corporate issuance abroad."The National Treasury presses ahead with its strategy by issuing Brazil’s first sustainable sovereign bond in dollars in the foreign market, setting a benchmark for companies, and committing to allocate the resources to actions aimed at boosting sustainability and adding to climate change mitigation, to the conservation of natural resources, and to social development", the Treasury said in a note released on Monday. "The issue highlights the important role of external debt to extend maturities and diversify indexes and the investor base."The operation was coordinated by Itaú BBA, J.P. Morgan, and Santander. The Treasury usually diversifies the banks coordinating its bond issues.On Monday night, Finance Minister Fernando Haddad stated that the operation considered Brazil as an investment-grade country. Brazil is rated by agencies as a speculative-grade country. "We achieved a really impressive result, $2 billion were put up in sustainable bonds. This was the first time Brazil issued this type of bond. The rate was 6.5% per year," Mr. Haddad said. "That...

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