Beccar Varela advises Sumatoria on record issuance of Sustainable Notes

April, 2024 - Buenos Aires, Argentina

On March 22, the NGO Asociación Civil Sumatoria para una nueva Economía (Sumatoria) carried out its fifth notes issuance, whose funds are aimed at financing projects and ventures with social, environmental, and sustainable impact in areas such as financial inclusion, agroecology, regenerative livestock farming, connectivity, clean energies, healthy foods, environmental conservation and regeneration, sociourban infrastructure, social economy, circular economy, and support for impact organizations and companies.

Class V Notes were issued under CNV’s Guaranteed SME regime (Régimen PYME CNV Garantizada), for a maximum nominal value of AR$800,000,000, surpassing all historical placements made by Sumatoria, and with a negative rate (Badlar - 1.55%). In addition, Bolsas y Mercados Argentinos (BYMA) and the Comisión Nacional de Valores (CNV) have authorized the listing of the notes on the Panel of Social, Green, and Sustainable Bonds (SGS BONDS), given the sustainable nature of the projects they will finance, making it the first sustainable labeled issuance of the year 2024.

"Our great added value lies in the current situation in which we are issuing, in the midst of such a volatile context, which drives us to pay more and more attention to finding new alternatives to work on impact financing," said Matías Kelly, co-founder and director of Sumatoria. On the other hand, Beccar Varela partner Luciana Denegri highlighted: "We have been supporting Sumatoria since its beginnings and continue to help them achieve their goals. We are proud to be part of a new issuance, which reaffirms the interest and support of investors, who once again choose to acquire their bonds and thus generate a positive impact on society."

The Notes Issuance is endorsed by Banco Comafi, Banco Galicia, Banco Santander, Banco BBVA, Banco Hipotecario, and Banco Supervielle. The sustainable nature of the Negotiable Obligations was certified by SMS Buenos Aires, through a second opinion report.

All parties involved were advised by Beccar Varela’s team, led by partner Luciana Denegri, with the participation of senior associate Victoria Pavani and associates Julián Ojeda and Martina Puntillo.