Blue Loan Financing transaction was awarded the Sustainable Loan Financing

By CIBC First Caribbean

CIBC FirstCaribbean’s role as joint lead arranger for the Government of Barbados’ USD146.5 million Blue Bond has netted a major award.

The Blue Loan Financing transaction was awarded the Sustainable Loan Financing Award in the recently announced International Finance Review (IFR) Awards for 2022.

“We are delighted that the recent ground-breaking debt conversion by the Government of Barbados has been recognized in the IFR Awards 2022, winning in the ESG Sustainable Loan category,” said Gillian Charles-Gollop, Executive Director, Corporate Banking & Sustainable Finance.

Adam Carter, Managing Director, Investment Banking said, “the award reflects the dedication and commitment of the entire team who worked tirelessly to deliver the deal and demonstrates our ability to effectively execute sustainable financing solutions for our region.”

CIBC FirstCaribbean, together with Credit Suisse were joint lead arrangers for the successful USD 146.5 million dual-currency Blue Loan/Blue Bond facility for the Government, executed in September 2022. This facility allowed the Government to restructure external and local debt and significantly reduce debt service costs.

The savings made will secure funding to be used for marine conservation and other sustainable development projects over the next 15 years. CIBC FirstCaribbean directly financed the domestic portion of the transaction, valued at BBD 146.5 million (USD 73.2 million).

The successful debt conversion was supported with guarantees provided by The Nature Conservancy and the Inter-American Development Bank. The transaction also pioneered an innovative and unique feature that will help Barbados to sustainably manage its debt service in the event of future natural disasters or pandemics.

The International Financing Review (IFR) is one of the most respected industry publications and the IFR Awards recognize excellence in capital markets and investment banking around the globe. We congratulate the Government of Barbados on this latest recognition for its landmark achievement in conservation financing.

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