Brazil’s National Bank for Economic and Social Development (BNDES) acted as guarantor for the issuance of Agribusiness Receivables Certificates (CRAs) for an amount in local currency equivalent to US$31.3 million, facilitating the sustainable development of the sugarcane industry in Brazil. In this way, it will support close to 50 sugarcane producers at the Usina Coruripe Açúcar e Álcool. The operation requires the producers to comply with environmental standards of non-deforestation and land use regularity.

The structuring of the operation was coordinated by Itaú BBA, with support from Vectis and DATAGRO. The CRAs were issued by Virgo Companhia de Securitização, with BNDES acting as guarantor for 80% of the Senior class. The issue is backed by CPR-Fs (CPR-Fs) issued directly by rural producers. In addition, the placement has a second favorable opinion from Bureau Veritas, which has validated the adherence of Usina Coruripe’s Green Bond Framework to the Green Bond Principles of the International Capital Market Association (ICMA).