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Mexico’s second SDG Sovereign Bond provided by V.E

V.E, part of Moody’s ESG Solutions, published today a Second Party Opinion (SPO) on Mexico’s second SDG Sovereign Bond, in line with their SDG Sovereign Bond Framework published last year. V.E also provided the SPO for the inaugural issuance on September 2020.

The SPO assesses four main components: the Bonds’ level of contribution to sustainability, its alignment with international standards, its coherence with Mexico’s strategic sustainability priorities, and Mexico’s environmental, social and governance (ESG) performance.

“More than 90% of the Eligible Expenditures to be financed by the 2021 SDG Sovereign Bond fall under social categories, which are considered to provide an ‘advanced’ contribution to sustainability as they target the populations in most need by applying a eligibility criterion based on Mexico’s Social Gap Index, to identify and target regions where the gaps in achieving the SDGs are the greatest” said Adriana Cruz Felix, Head of Sustainable Finance Research at V.E. “The issuance will fund projects to promote food security, healthcare, education, water and sanitation, employment, clean transport and biodiversity, thereby reinforcing the capacity of Mexico’s institutions to address key sustainability challenges.”

In V.E’s opinion, the framework and portfolio of eligible expenditures are aligned with the four core components of the International Capital Market Association’s Green Bond Principles 2021 (GBP) and Social Bond Principles 2021 (SBP). The project categories are likely to contribute to eleven United Nations Sustainable Development Goals.

Mexico’s Sovereign Sustainability Rating from V.E is 67/100, which indicates an ‘advanced’ ESG performance, the highest level on V.E’s four-point scale.

V.E’s SPOs on sustainability credentials help market participants secure financing through sustainable bonds and loans, strengthen issuers’ and projects’ credibility, and give investors confidence. To date, V.E has provided more than 330 SPOs – including award-winning and pioneering missions – on sustainable financing operations in over 30 countries. V.E has provided SPOs for the following sovereign issuers to date: France, Italy, Chile, Ecuador, Egypt, Mexico and Andorra, among others. To learn more, please visit

V.E’s SPO on Mexico’s SDG Sovereign Bond Framework is available here.



Moody’s ESG Solutions Group is a business unit of Moody’s Corporation serving the growing global demand for ESG and climate insights. The group leverages Moody’s data and expertise across ESG, climate risk, and sustainable finance, and aligns with Moody’s Investors Service (MIS) and Moody’s Analytics (MA) to deliver a comprehensive, integrated suite of ESG and climate risk solutions including ESG scores, analytics, Sustainability Ratings and Sustainable Finance Reviewer/certifier services.

For more information visit Moody’s ESG hub at



Moody’s ESG Solutions:

Lisa Stanton
MD-Global Sales Lead/ESG
+1 (415) 874-6000

Media inquiries:

Tim Whatmough
+33 (153) 303-385

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