Year: 2021

Winner: Corsan Green Bond

When Brazilian water and sewage company Corsan decided to tap capital markets for the first time, in March, its choice was to go all green.

The experience was successful and has boosted the owner’s plans to take a step further and privatize the company in the near future.

Corsan wins LatinFinance’s Water/Sanitation Financing of the Year award after having placed 600 million reais in green bonds with tranches of five (150 million reais), seven (115 million reais) and 10 years (335 million reais).

CEO Roberto Barbuti says that the terms of the deal were better than expected. Corsan paid a rate of inflation index IPCA+4.83% in the 10-year tranche, and the initial expectation was that yields would range between 7% and 8%.

“We have invested in the improvement of governance, and that has surely helped the success of the bond,” he tells LatinFinance.

Most of the issuance, or 450 million reais, were also structured as infrastructure debentures, which entitle investors to tax advantages. But Barbuti believes that the ESG aspect of the bond was critical.

After the issuance, Corsan raised a further 300 million reais via a sustainability-linked bond issued by the IFC, the World Bank’s private sector arm. Having tapped the fixed income and the multilateral markets, the next step is to woo equity investors. The regional government of the Rio Grande do Sul state, which owns the company, announced in the end of August that the privatization of Corsan will go ahead.

The need for funding comes from the obligation to meet targets established by a new water and sewage law recently approved by the Brazilian government. The goal is universalize access to water and sewage by 2033 and, to do its bit, Corsan will have to invest an estimated 10 billion reais.

“We have to invest around 1billion reais a year,” Barbuti says. “It will require funding, as, historically, we have been able to invest only 300 million reais a year.”

“We have invested in the improvement of governance, and that has surely helped the success of the bond” Roberto Barbuti, CEO, Corsan


Companhia Riograndense de Saneamento (Corsan)


BTG Pactual, Safra


Cescon Barrieu, Flesch & Barreto, Machado Meyer

All supporting financial institutions and law firms were transmitted to LatinFinance by the award category winners. For updates please email