The bond was issued under the simplified regime for social impact bonds approved by Argentina’s National Securities Commission (CNV) in 2022 and is backed by top-tier local banks and firms.
Pro Mujer, a social enterprise that provides financial, health, and skilling services to women in Latin America, launched its second gender bond via the Argentine stock exchange. The bond raised a total of AR$370,000,000, exceeding expectations.
In February, the organization marked a major milestone by launching the first gender bond in the country. This issuance democratized access to gender lens investing vehicles, opened the door to other social enterprises interested in accessing financing through this mechanism, and demonstrated that excellent outcomes can be accomplished when leaders across sectors collaborate for a common goal.
This second issuance marks a highly positive trend. Not only did Pro Mujer surpass its issue target, but the investor pool was more extensive and increasingly diversified, highlighting the growing interest in products that combine traceable social impact and competitive market returns.
Pro Mujer will use the proceeds from the second bond to provide loans to more than 2,000 low-income women entrepreneurs between the ages of 18 and 75 who own micro and small businesses in the semi-formal sector that provide products or services, including commercial, textile, or agricultural, and who need investment or working capital for their micro business or their families but are unable to access appropriate and/or timely financing from traditional banks.
The bond is guaranteed and backed by Banco Galicia, Banco Hipotecario, Banco Comafi, Banco Supervielle, and Banco Santander, with Allaria Ledesma & Cia participating as underwriter. Law firm Mitrani, Caballero & Ruiz Moreno provided the legal guidance necessary to structure the gender bond under the simplified regime, while Beccar Varela provided legal guidance to the guarantors. Legal advice provided by Orrick was also invaluable.
The rating agency of the Universidad Nacional de Tres de Febrero once again conducted the impact assessment.
“We are delighted to announce the launch of our second gender bond, the proceeds of which will be used to support more women in Argentina,” said Carmen Correa, CEO of Pro Mujer. “Adapting financial instruments to market conditions is critical to support sustainable finance in emerging markets, and the success of this second issuance using the simplified regime established by the National Securities Commission is proof.”
About Pro Mujer
For more than 32 years, Pro Mujer has provided services and tools to women in Latin America to help them reach their full potential and become agents of change in their communities.
The organization’s comprehensive and holistic model is focused on facilitating women’s financial inclusion in Latin America, expanding access to health services, and providing skilling and training opportunities.
Pro Mujer is a pioneer in gender lens investing in Latin America and works to raise awareness of how it can be used to close existing gender gaps and boost productivity in local businesses.
Pro Mujer’s work is closely aligned with the UN Sustainable Development Goals and contributes tangible results to the following SDGs: 1, 3, 4, 5, 8, 10, 11, and 16.
For more information, visit www.promujer.org.
