Green bonds lead as LatAm sustainable issuance slows

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Green bonds lead as LatAm sustainable issuance slows

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LatAm Sustainability

Green bonds lead as LatAm sustainable

issuance slows

Sustainable debt loses momentum 08 July 2026

Labeled bond issuance in Latin America slowed sharply in 1H26, declining 32% YoY to Latin America

$3.8bn. The pullback came with a broader slowdown in regional primary markets, with

Carlos Assumpcao, CFA

total corporate bond issuance down 14% YoY to $43.4bn. Labeled bonds represented 9% Research Analyst

of total corporate supply, versus 11% a year earlier, suggesting sustainable formats Merrill Lynch (Brazil) +55 11 2188 4025

remain relevant but have become less central in a more selective market. Issuers are still carlos.assumpcao@bofa.com

able to print, but investors appear focused on structure, use of proceeds & issuer quality. Anne Milne

Research Analyst

Green bonds take the lead BofAS+1 646 855 4096

Green bonds drove activity in 2Q26, representing 78% of labeled issuance, up from 24% anne.milne@bofa.com

in 2Q25. Sustainability bonds accounted for the remaining 22%, compared with 43% a Isabella Pacheco Research Analyst

year earlier, while no social bonds, sustainability-linked bonds or other labeled structures Merrill Lynch (Brazil)

came to market during the quarter. This reinforces a more selective tone, as investors +55isabella.pacheco@bofa.com11 2188 4487

and issuers appear to favor clearer use-of-proceeds frameworks, while KPI-linked Kay Hope

formats remain absent from new supply. Research Analyst

MLI (UK)

+44 20 7995 9301

kay.hope@bofa.comConcentration defines the market

Issuance was concentrated by geography and sector. Chile led 2Q26 supply with $1.1bn, GEMS Corporate Credit Rsch

BofAS

or 54% of the quarterly total, followed by Brazil at 25% and Argentina at 20%.