nuam collaboration 

In 2020, the pandemic marked a turning point in many areas. Many perspectives and outlooks changed forever, while others returned to their usual course. However, one striking development was the leading role played by companies listed on the Santiago Stock Exchange in driving the transition of their businesses toward sustainable development. 

Earmarked bonds—debt instruments issued to finance specific projects with positive environmental and social impacts, in line with international principles—have established themselves as a key tool for mobilizing capital toward projects that generate economic and sustainable value, thereby strengthening market competitiveness. 

According to data from the Santiago Stock Exchange, a subsidiary of nuam, over the past eight years, 17 issuers have issued sustainable, social, green, and blue bonds, as well as sustainability-linked bonds (SLBs). During that period, these issuers completed 56 issuances totaling more than US$5.13 billion, demonstrating the consolidation and maturity of the local market in the area of sustainable finance. 

What is striking is that, since 2022, more than 80% of green bond issuances have been concentrated in that year, with 46 offerings. In particular, 2025 was the most dynamic year on record: these instruments grew by 132% compared to 2024, reaching $2.282 billion.  

This reflects growing thematic diversity, greater sophistication in structuring, and strong demand—factors that enhance market depth and confidence in projects with environmental and social impact. 

This market development would not be possible without investor interest in these instruments. This is reflected in their growing specialization and training to better understand this segment. In this context, the study “ESG Investment Practices,” conducted by SSindex and nuam, showed that 76% of investors use thematic bonds in their sustainable investment strategies.  

Furthermore, regarding best practices in disclosure, the study found that 75% of investors are familiar with at least one IFRS standard, which establishes mandatory global standards for disclosing financial information related to sustainability and climate. In this area, pension fund managers are leading the way. 

At the corporate level, progress is also evident: 40% of organizations have already implemented or are in the process of implementing IFRS S1 and IFRS S2, while another 50% are in the evaluation or planning stage. However, significant challenges remain, primarily related to the availability of resources and the need to strengthen coordination and technical support mechanisms—key elements for the proper application of these standards.  

While there is still a long way to go, the figures show that the market is not only regaining momentum but is also evolving in terms of quality, standards, and purpose. These advances point to more robust growth and reinforce the belief that the path toward sustainability is being built in a coherent and progressive manner by all stakeholders.  

This process is consistent with the vision we promote at nuam: deeper, more integrated markets that are aligned with the real development needs of our economies. 

Carlos Barrios
Senior Manager of Sustainability and Investor Relations at nuam