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White & Case Advises FEFA on Its Second Social Bond Issuance

Global law firm White & Case LLP has advised Fondo Especial para Financiamientos Agropecuarios (FEFA) on its second social bond issuance, for a nominal amount of MXN 3.5 billion, together with two other tranches of bond issuances for an aggregate amount of MXN 10 billion (approximately US$500 million).

The social bond has a gender equality objective. Proceeds of the social bond will be allocated to financing and refinancing loans and investment projects of accredited women granted in the past 24 months, as well as new loans applications and financing of new investment projects of accredited women, who comply with the eligibility criteria that are aligned with the 2020 Social Bond Principles established by the ICMA (International Capital Markets Association).

The bonds were placed via a local public placement in Mexico in the new Stock Exchange, Bolsa Institucional de Valores (BIVA). The underwriters syndicate includes Banorte, Scotiabank, Santander, HSBC and BBVA.

Established in 1965, FEFA is the Mexican governmental development trust dedicated to agriculture. It offers financing, subsidies and other services for production, recollection and distribution of goods and services through long-term financing for the acquisition of machinery, equipment and installations, among others. FEFA is part of Trust Funds for Rural Development (FIRA), which functions as a second-tier development bank that offers credit and guarantees, training, technical assistance and technology-transfer support to the agriculture, livestock, fishing, forestry and agribusiness sectors in Mexico.

White & Case has advised FEFA on all of its bond issuances since 2016.

The White & Case team in Mexico City that advised on the transaction was led by partner Manuel Groenewold and counsel Eric Quiles, and included associate Simon Micha.

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