Second-Party Opinion Download

Sustainalytics is of the opinion that the Unión de Créditos Inmobiliarios (UCI) Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2018. 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 2018. Sustainalytics considers that the eligible category will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG 11 & 7.

PROJECT EVALUATION/SELECTION

Unión de Créditos Inmobiliarios’ internal process in evaluating and selecting projects is handled by the Green Bond Framework Group (the “Group”), composed of the Green Mortgages & Loans Manager, the Structured Finance Manager, the Asset Liability Manager and Commercial Managers. Sustainalytics considers the project selection process in line with market practice.

MANAGEMENT OF PROCEEDS

Unión de Créditos Inmobiliarios’ process for management of proceeds is handled by the Asset Liability Management team, in collaboration with the Structured Finance department. Unallocated proceeds will be managed according to UCI’s treasury criteria. The Group will review and verify the allocation of proceeds annually. This is in line with market practice.

REPORTING

Unión de Créditos Inmobiliarios intends to report allocation proceeds on its website, on an annual basis, until full allocation. In addition, Unión de Créditos Inmobiliarios is committed to reporting on relevant impact metrics. Sustainalytics views Unión de Créditos Inmobiliarios’ allocation and impact reporting as aligned with market practice.