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The worlds first sovereign link related to UN goals enters the market

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Mexico on Monday released what it described as the world’s first sovereign bond linked to the United Nations’ sustainable development goals, raising 750m euros ($ 889.73m).

Deputy Finance Minister Gabriel Yorio said reducing inequality, financial inclusion and the gender gap were among the UN goals.

Mexico is the first country to issue a sovereign link related to the UN Sustainable Development Goals, he wrote on Twitter. Our country starts its sustainable financing program as a pioneer.

The government did not specify how it would spend the money raised. Preliminary bond investment prospects warned that there was no guarantee that Mexico would make disbursements for projects that meet UN characteristics.

The bond is part of an evolving debt issuance trend aimed at raising funds that seek to address social, environmental and other issues. It was more than six times subscribed.

Read also: JPMorgan debuts in green bond market with $ 1 billion deal

The 1,350 percent coupon was the second lowest among all euro-denominated bonds issued by the Mexican federal government, the ministry said, allowing the government to borrow at an attractive rate. The bond matures in September 2027.

The Ministry of Finance added that the euro bond allowed Mexico to use international investment funds, many of them in Europe, which are committed to financing sustainable economic development.

Mexico unveiled a tight budget last week that envisions cuts in most sectors.

Areas covered by additional funding included health. A draft circulated by members of Congress also appears to describe a slight increase in real terms for the national oil company Petroleos Mexicanos over its planned budget for 2020.

He also detailed about $ 2 billion for the construction of Dos Bocas, a new oil refinery.



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