BBVA announced on Tuesday it has issued its first blockchain-supported structured green bond for MAPFRE. According to BBVA, the bond is a private placement in which MAPFRE invested €35 million six-year term bond linked to the evolution of the five-year euro swap rate. It was revealed:
“With this bond issue, the BBVA Group demonstrates that it has the means, knowledge, and commitment to provide its clients cutting-edge products based on the latest technologies and innovative sustainable solutions.”
BBVA also reported that the deal is particularly groundbreaking given its dual nature: it is both sustainable and high-tech. On one hand, the funds are earmarked to finance green projects within the BBVA’s framework of the Sustainable Development Goals (SDGs). Juan Garat, BBVA’s Head of Global Sales stated:
“With this deal, BBVA reasserts its firm commitment to both sustainable financing and new technologies. Using DLT – distributed ledger technology – for this transaction allowed us to simplify the processes and streamline the negotiation time frames, which is in line with our pursuit of excellence in customer service.”
José Luis Jiménez, Chief Investment Officer at MAPFRE, went on to add the bond contributes to the diversification of MAPFRE’s investment portfolio, and it does so with an innovative and sustainable product – two qualities that fully align with the company’s investment policy.
