BancoEstado issues its first ever Women Bond into the Japanese Capital Markets
Banco del Estado de Chile (“BancoEstado”) priced today a JPY10 billion, 10yr fixed rate Women Bond. This marks BancoEstado’s third Japanese Yen denominated offering and its first ever SRI bond in any market, and the first 10yr offering ever from a Chilean institution in the Japanese markets.
BancoEstado’s objective is to provide financial services across all social sectors and remote territories in the country, while encouraging savings to promote social and economic development in Chile. In line with this mission, BancoEstado has been focused on promoting opportunities for Chilean women to access such financial services and reducing the barriers that limit Chilean women’s access to the financial system.
The participation of women in the Chilean financial system has been steadily increasing over the years and BancoEstado expects that their participation will continue to grow. Mr. Carlos Martabit, BancoEstado CFO said, “Currently, approximately 53% of BancoEstado’s customers are women. In terms of loans, 42% of mortgage loans and 53% of student loans are with women. Additionally, 38% of our microfinance portfolio is women and we anticipate this number to grow.”
In 2015, BancoEstado launched its Crece Mujer Emprendedora Program that specifically focuses on women entrepreneurs and assists them as they establish and grow their businesses, with the goal of increasing access to the financial system, improving management competencies and strengthening business networks.
Mr. Carlos Martabit continues, “With this offering, BancoEstado is a pioneer for Chile in offering Socially Responsible Instruments and joins other SSA issuers that have previously issued this product. Japanese investors in particular have shown a strong desire to support our mission for women enterprise. Furthermore, we continue to lengthen our curve in Japan with our first 10yr offering in Japan as we look to be a more frequent international issuer overall.”