Second-Party Opinion Download

Sustainalytics is of the opinion that the Grupo Murano Green Financing Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021. This assessment is based on the following: 

USE OF PROCEEDS

The eligible category for the use of proceeds, Green Buildings, is aligned with those recognized by the Green Bond Principles. Sustainalytics considers that investments in the eligible category will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG 11. 

PROJECT EVALUATION AND SELECTION

Grupo Murano’s Sustainability Committee will be responsible for assessing and selecting projects that comply with the Framework's eligibility criteria. The committee will comprise the Company's Chief Operating Officer, the Chief Financial Officer and at least one independent member with experience in corporate sustainability. Grupo Murano has an environmental and social risk management protocol in place, to identify and manage or mitigate environmental and social risks associated with the projects being financed. Sustainalytics considers this project selection process to be in line with market practice. 

MANAGEMENT OF PROCEEDS

Grupo Murano will deposit net bond proceeds in a separate bank account. Any proceeds not immediately allocated will be managed and invested by an independent trustee or a collateral agent in marketable government and investment grade securities. Grupo Murano commits to only invest in securities that are aligned with the objectives of the Framework and Grupo Murano's Sustainability Strategy and Policies. Furthermore, the Company intends to fully allocate bond proceeds within 24 months after issuance. This is in line with market practice.  

REPORTING

Grupo Murano commits to report on the allocation and impact of bond proceeds on its website on an annual basis. Allocation reporting will include quantitative and qualitative information such as the stage of projects under development, allocated and unallocated proceeds. Grupo Murano intends to report on relevant impact indicators. Sustainalytics views the reporting commitments to be in line with market practice.