Innova Schools has achieved in September 9 the first issuance of social bonds in the Peruvian market for S / 230 million, within the framework of its First Securitization Bond Program for S / 1,000 million. The operation was structured and placed by Credicorp Capital and Interbank. The social bons issued are long-term deals (15 years) and denominated in Peruvian currency.
Colegios Peruanos S.A. (Innova Schools) aims to improve the quality of education for the emerging middle-class population in Peru through the development of strong education programs that are up to par with international standards. Innova Schools has developed a Social Bond Framework to issue social bonds, where an amount equal to the issuance will be used to finance or refinance, in whole or in part, new and/or existing social assets.
The bond had a positive SPO (Second-Party Opinion) by Sustainalytics, who stated that the Innova Schools Social Bond Framework is credible and impactful and aligns with the four core components of the Social Bond Principles 2018.