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Project Details


B3 Sustainability-Linked Financing Framework Second-Party Opinion(2021


B3 S.A.- Brasil, Bolsa, Balcão

Project Type

Sustainability Linked Bond or Note

Industry Group


Use of Proceeds




Evaluation Date

Sep 2021

Evaluation Summary

Sustainalytics is of the opinion that the B3 - Brasil, Bolsa, Balcão Sustainability Linked Financing Framework aligns with the Sustainability-Linked Bond Principles 2020 and the Sustainability-Linked Loan Principles 2021. This assessment is based on the following:

Selection of Key Performance Indicators (KPIs)

The B3 - Brasil, Bolsa, Balcão Sustainability-Linked Financing Framework includes two KPIs: (i) Percentage of women in leadership positions, and (ii) Creation of a diversity index (see Table 1). Sustainalytics considers KPI 1 to be strong given that it is a direct measure of B3's performance on a material ESG issue and follows a clear and consistent methodology. KPI 2 is considered adequate given thatit is directly connected to B3's business performance on a material issue but does not follow a clear methodology. 

Calibration of Sustainability Performance Targets (SPTs) 

Sustainalytics considers the SPTs to be aligned with the issuer'ssustainability strategy. Sustainalytics considers SPT 1 to be ambitious as it represents an improvement over past performance and is aligned with peer performance and targets. SPT 2 is considered moderately ambitious as it does not have a direct comparison to any peer performance and targets.

Bond Characteristics

B3 will link the financial characteristics of its sustainability-linked debt instruments to the achievement of the SPTs, which may take the form of both a coupon margin increase and decrease tied to the achievement of each of the SPTs. 


B3 commits to report on an annual basis on its performance on the KPIs on both, its website and in a separate report, and also commits to disclose relevant information that affects the KPI performance. The reporting commitments are aligned with the SLBP and the SLLP.


B3 commits to have external limited assurance conducted on its KPI performance at the communicated SPT deadline, which is aligned with market expectations.