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Financial and commercial services Updated: 13 Dec 2018

BBVA signs syndicated sustainable line of credit with AENA

AENA and a group of banks led by BBVA have closed an €800 million ESG-linked revolving credit facility (an “ESG-linked RCF”). With this sustainable credit facility - intended to fund general corporate needs - AENA becomes the world’s first airport operator to resort to this type of funding arrangement. BBVA led the transaction as lead arranger and sustainable facility agent.

Fotografía de Avión, verde, aeropuerto, sostenible, finanzas, sostenibilidad, juguete

The credit facility’s key feature is that the interest rate is set taking into account both AENA’s credit score and the evolution of the company’s sustainability parameters. Thus, subsequent improvements in AENA’s sustainability score will lead to a lowering of the applicable interest rate. For this purpose, an independent consultant—in this case, Sustainalytics— has been commissioned to draw up an annual report analyzing AENA’s performance in environmental, social and governance (ESG) matters. Apart from BBVA, the operation has also drawn support from some of Spain’s leading lenders.

In this way, AENA is reaffirming its commitment to sustainability across all areas of the organization as well as its pledge to be a socially responsible company, invested in society and the communities in which it operates. This deal is aligned with its Corporate Responsibility Action Plan, aimed at controlling and managing the economic, social and environmental impact of its activity as well as strengthening its relationship with the company’s key stakeholders by raising awareness about its initiatives.

BBVA, a leader in sustainable finance

BBVA has the capacity, knowledge and experience to deliver world-class expert advice on sustainable finance alternatives – both in bonds or loans - to its clients, and is playing a key role in the development of both markets.

BBVA is a pioneer and key promoter of the sustainable loan business. Today, it is one of the most active institutions in the world and the undisputed leader of the Spanish and Italian markets. The bank has led a total of 25 operations over the past two years in Europe and America, for clients across a number of industries.

The bank was the most active bookrunner in the Iberian green bond market in 2017. It has become a global model after advising, placing and structuring green bonds for clients from a variety of industries in Mexico, the United States and Europe, in local currency as well as in euros and dollars.