Sacyr successfully issues the first social bond tied to an infrastructure project in Latin America

  • Sacyr Concesiones issues bonds for 209 million dollars to refinance the Montes de María roadway (Colombia).
  • The use of novel financial instruments connected to sustainable goals is one of the lines of action in Sacyr’s 2021-2025 Strategic Plan.
  • BTG Pactual and Santander have acted as bookrunners for the placement. Santander has also served as the structuring bank for the process of obtaining the social bond classification for the issuance.

Sacyr has carried out with great success of demand the first issuance of social bonds in Latin America linked to an infrastructure project, the Puerta de Hierro-Cruz del Viso roadway (Colombia).

This bond issuance, valued at 209 million dollars (174 million euros), is aligned with Sacyr’s 2021-2025 Strategic Plan, which anchors sustainability as the cornerstone for the company's actions. The issuance is backed by the U.S. International Development Finance Corporation (DFC) and expires in 24 years, that is May 2045.

Santander and BTG Pactual act on this issuance as bookrunners for the placement. Santander has also served as the structuring bank for the process of obtaining the social bond classification for the issuance.

Rafael Gómez del Río, CEO of Sacyr Concessions, underlined that 'the issuance of the first social bonds for an infrastructure project in Latin America poses a notable milestone in Sacyr Concessions’ 2021-2025 Strategic Plan, and by extension, Sacyr Group’s'.

Rafael Noya, Global Head of Global Debt Financing of Santander Corporate & Investment Banking states: “We are very proud of having helped Sacyr to issue the first social bond for an infrastructure project in Latin America. Santander is committed to walk with our clients in their transition towards a more sustainable business model, and investors are responding with strong interest to this type of products.”


DFC’s Acting CEO Dev Jagadesan said: “DFC is pleased to provide a guaranty in support of Sacyr’s social bond issuance for a key infrastructure project that will promote linkages between poorer regions in northern Colombia and economic centers, while encouraging local financial participation and investment. The bond issuance is an exciting step toward advancing development and economic growth through this critical roadway project”.

The classification as social bond for the issuance, is preceded by an evaluation and analysis process by an independent third party (V.E.) that confirms the bonds alignment with a series of criteria defined by the ICMA (International Capital Markets Association) under the “Social Bond Principles 2020”. Among other factors, they assess the positive impact that the project will bring to the nearby communities to the project’s influence area by means of the funds obtained through the issuance.

The investor’s interest on assets classified according to ESG criteria has skyrocketed in the past years. Only in 2020, 528,000 million dollars were issued in this marked as opposed to 209,000 million in 2019, which is a 153% increase according to data compiled by Dealogic y Bloomberg.

Sacyr Concessions, through the Montes de María Road Concessionaire, develops the 4th Generation (4G) Puerta de Hierro-Palmar de Varela y Carreto-Cruz del Viso Project in the Sucre, Bolívar and Atlántico Caribbean departments. The 198-kilometer road corridor connects the main seaports and cities of the Colombian Caribbean.


Contribution to socio-economic development

Between the Bolívar and Sucre departments, stands the Montes de María subregion, an area historically devastated by illegal armed violence and displacement.

The project's execution has had a great positive impact on the area of influence of these three departments and has created more than 2,500 direct and indirect jobs at the height of its execution stage. Close to 70% of the workers were locals. Therefore, the improvement operations on the corridor contribute to local socio-economic development and ease the transportation of merchandise and people.

Besides the project’s construction, the Concessionaire has boosted the region’s socio-economic development by supporting women. According to their culture, the women of this region are experts in weaving backpacks and hammocks, as well as agricultural production.

During the construction period, the Concessionaire has carried out nearly 500 activities with the communities that have benefitted more than 6,000 people.

Among these activities, those related to environmental conservation, training courses, and female empowerment are especially noteworthy.




Final straight of the project

The project is 100% finished and is currently undergoing the corresponding process for the final acceptance certificates before the National Infrastructure Agency (ANI, by its initials in Spanish).

Two out of its three sections –or Functional Units (UF)–, UF 2 and UF 3, are already running, and interventions have already ended on UF 1, which will start providing service to users approximately in May. Functional Unit 1 has already been put at the clients' disposal to arrange the acceptance process.

We use our own and third party cookies for analytical purposes. Click on HERE for more information. You can accept all cookies by clicking the "Accept" button or set them up or refuse their use by clicking.

Cookie declaration

These cookies are necessary for the website to function and cannot be disabled in our systems. These cookies do not store any personally identifiable information.

Name Provider Purpose Expiration Type
LFR_Sesión_STATE_* Liferay Manage your session as a registered user Session HTTP
GUEST_LANGUAGE_ID Liferay Determines the language with which it accesses, to show the same in the next session 1 year HTTP
ANONYMOUS_USER_ID Liferay Manage your session as an unregistered user 1 year HTTP
COOKIE_SUPPORT Liferay Identifies that the use of cookies is necessary for the operation of the portal 1 year HTTP
JSesiónID Liferay Manages login and indicates you are using the site Session HTTP
SACYRGDPR Sacyr Used to manage the cookie policy Session HTTP

These cookies allow us to count visits and sources of circulation in order to measure and improve the performance of our site. They help us know which pages are the most or least popular, and see how many people visit the site. All information collected by these cookies is aggregated and therefore anonymous.

Name Provider Purpose Expiration Type
_gat Google It is used to throttle the request rate - limiting the collection of data on high traffic sites Session HTTP
_gid Google It is used to store and update a unique value for each page visited Session HTTP
_ga Google This is used for statistical and analytical purposes for increasing performance of our Services Session HTTP