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Financial markets are increasingly challenged by geopolitical fluctuations affecting the world, which have a direct impact on them. However, this challenge also opens up the opportunity to take center stage and thus move towards more responsible, resilient, prosperous economies that focus on sustainable development. 

In Latin America, and especially in Chile, labeled bonds have established themselves as a key tool for mobilizing capital toward projects that generate economic, social, and environmental value, promoting competitiveness in the market. 

The year 2025 marked a turning point: the sustainable bond market grew 132% compared to 2024, reflecting the growing commitment of issuers and investors. Among the most significant milestones was the historic issuance by the pulp company Arauco, which raised more than US$800 million, becoming the largest local corporate bond placed in Chile.  

This instrument, which is also hybrid in nature, with an average rate of 3.97% and oversubscription of 1.75 times, not only broke records but also demonstrated the sophistication of the market and confidence in projects with environmental and social impact. 

In addition to the above, another significant event was the placement by BancoEstado and Esval of the first blue bonds issued in Chile, which raised more than US$200 million for marine and ocean conservation. These instruments expand the scope of sustainable financing to new environmental dimensions, promoting the protection of water ecosystems and the responsible use of natural resources. 

But having a sustainable impact is not limited to the creation of financial instruments by issuers and/or investors. The market also requires transparency, robust standards, and technical capabilities.  

To name just a few initiatives, there are training sessions on IFRS Sustainability Disclosure Standards (IFRS S1 and S2), developed by the Sustainable Stock Exchanges Initiative (SSE) and the IFRS Foundation, and the creation of inputs for ESG reporting and information management, which promote new standards that are essential for strengthening market confidence and competitiveness. The Santiago Stock Exchange updated its Sustainable Instruments Guide, which incorporates new subcategories such as blue bonds and recognizes international standards for future placements. 

At nuam, we believe that sustainability is a path that is built with conviction and consistency, promoting practices that drive long-term value creation for all participants. Thus, financial markets have the power to be a transformative force, and sustainable bonds are proof that this future is already here.

Carlos Barrios, Senior Manager of Sustainability and Investor Relations at NUAM