A Mexican development bank said on Monday it will issue up to 2 billion pesos ($109 million) in green bonds, marking the country's first such issuance in the local market.
Nacional Financiera will sell the 7-year green bonds later this month to raise money for clean power generation projects in the states of Puebla and Nayarit. BBVA Bancomer and Banamex are underwriters for the August 31 sale.
Bonds are considered green when proceeds are used to finance certifiable environmentally friendly projects.
Green bonds have had a slow start in Latin America, where markets are highly illiquid and investors . . .
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