CAF – Development Bank of Latin America and the Caribbean priced its first sustainable bond under its new Sustainable Finance Framework on 27 August 2025, raising EUR 1.5 billion through a seven-year instrument and recording the largest order book in the institution's history across any currency.
The offering attracted orders exceeding EUR 14.9 billion, allowing CAF to upsize the deal from an original target of EUR 1 billion to EUR 1.5 billion at pricing.
SUSTAINABLE FINANCE FRAMEWORK
The August bond is CAF's first Sustainable Bond, issued under its Sustainable Finance Framework, a document the bank published in February 2025. That framework establishes the eligible project categories, governance standards, and reporting requirements that govern all instruments issued under its umbrella.
The transaction followed the publication of the Sustainable Finance Framework in February and the issuance of CAF's first Blue Bond in June.
ORDER BOOK AND DISTRIBUTION
An order book of EUR 14.9 billion against a EUR 1.5 billion final issuance size represents an oversubscription ratio of approximately ten times.
In this transaction, European investors took 71% of the bonds, with asset managers taking 41% and central banks and official institutions 39%; insurers and pension funds took 7%.