Second-Party Opinion Download

Sustainalytics is of the opinion that the Banco Adopem Reference Framework for the Issuance of a Social Gender Bond is credible and impactful and aligns with the four core components of the Social Bond Principles 2023. This assessment is based on the following: 

USE OF PROCEEDS

The eligible category for the use of proceeds - Access to Financial Services and Socioeconomic Advancement and Empowerment - is aligned with those recognized by the Social Bond Principles that seek to achieve positive socioeconomic outcomes for target populations. Sustainalytics considers that investments in the eligible category will lead to positive social impacts and advance the UN Sustainable Development Goals, specifically SDGs 5, 8 and 10. 

PROJECT EVALUATION AND SELECTION

Adopem’s Functional Credit Committee will be in charge of approving and selecting eligible projects based on an assessment by Adopem’s Business Officer. Adopem has developed an environmental and social management system to screen and analyze risks associated with the eligible projects. Sustainalytics considers the project selection process in line with market practice. 

MANAGEMENT OF PROCEEDS

Adopem’s Vice President of Finance, with the support of the Risk Department will be responsible for management and tracking of proceeds. The Bank will allocate net proceeds within two years of issuance. Pending disbursement, proceeds will be managed in accordance with Adopem’s liquidity policy.  

REPORTING

Adopem will report on allocation of proceeds and impact via an annual report on its website until bond maturity. Allocation reporting will include amounts allocated to eligible projects and share of unallocated amounts. Sustainalytics views Adopem’s allocation and impact reporting commitments as aligned with market practice.