Sustainable debentures of Iguá Saneamento

In August, Iguá Saneamento concluded the disbursement of two tranches of sustainable debentures totaling R$ 880 million destined for its concessions in Cuiabá and Paranaguá. In addition to representing the largest private sanitation infrastructure debentures in the Brazilian market, they are also the first sustainable debentures for the sector.


  • Cuiabá: R$ 620mn, 14y, IPCA + 6.10% p.a., rating AA (S&P), Itaú + XP + Santander + Votorantim
  • Paranaguá: R$ 260mn, 10y, IPCA + 6.10% pa, rating AA (S&P), BTG

Sustainable Bond:

Both issues received the sustainable bond” seal (granted by SITAWI), the first time this has occurred in Brazil. This serves to further evidence our focus on ESG in addition to our pioneering spirit

Record size:

The Cuiabá issuance is the largest private sanitation infrastructure debenture in Brazilian history as well as the 2nd largest in the overall Brazilian sanitation sector. This sends an important message to the market regarding Iguá’s relevance in addition to its financial capacity to execute current and future investments


The term of the Cuiabá debenture (14 years) is also the longest amongst existing Brazilian sanitation debentures as a whole (both public and private). The term is crucial to the extension of the debt profile and shows the depth of the capital markets for sanitation assets

Rating (7 tier improvement in 3 years):

The AA rating granted by S&P for both tranches (and for Iguá as a whole) represents a 7 tier improvement in the company’s credit rating in 3 years (BBB- in 2017), an unprecedented fact that highlights the success achieved during this period

Support from major financial institutions:

We received firm guarantees from 5 of the largest national financial institutions for R$ 880m in two 10 and 14 year tranches in the middle of a pandemic. This shows (i) the sector’s resilience, (ii) the strength of Iguá’s fundamentals and (iii) the Company’s broad bankability.