Second Party Opinion (SPO)

In line with market standards for sustainable bond issuance, the Federal Government has submitted its Sustainable Framework to a second-party opinion by the Morningstar Sustainalytics with the aim to confirm its alignment with the principles and guidelines of the International Capital Markets Association - ICMA to assure investors greater transparency, traceability of the use of net proceeds, and compliance with the best market practices.

Sustainalytics is of the opinion that the Federative Republic of Brazil’s Sovereign Sustainable Bond Framework is credible and impactful and aligns with the four core components of the Sustainability Bond Guidelines 2021, Green Bond Principles 2021 and the Social Bond Principles 2023."

The second party-opinion report is available here.

Back to the  sustainable bonds homepage