BLP Advises IDB Invest and Co-Investors on Mobiliare's US$300 Million Sustainability-Linked Bond Program

BLP acted as Lead Regional Local Counsel to IDB Invest and the participating investors in connection with Mobiliare Real Estate Solutions’ inaugural sustainability-linked bond issuance and the establishment of its US$300 million private placement program.

BLP, in addition to advising investors locally in Costa Rica, Guatemala, and El Salvador, coordinated the legal workflows across local jurisdictions, including Costa Rica, Guatemala, El Salvador, Panama, Mexico, Peru, and Ecuador. BLP conducted multi-jurisdictional legal due diligence, reviewed the corporate, regulatory, and operational structure of the related entities, and managed closing deliverables across all jurisdictions involved. The financial instrument allows for the issuance of up to US$300 million in sustainability-linked private bonds, with this first issuance amounting to US$100 million, with IDB Invest as anchor investor, joined by BI Bank and Banco General.

The transaction was led by partner Pablo Umaña (Costa Rica). Also participating were partners Jorge Arenales (Guatemala), Julio Castellanos (Costa Rica), Zygmunt Brett (El Salvador) and Mariana Nochez (El Salvador), director José Góchez (El Salvador), senior associates Alejandro Fallas (Costa Rica) and Ana Ávila (Guatemala), and associates Andrea Melara (El Salvador) and Javier Figueroa (Guatemala).