The City of Bogotá has sold a Colombian peso-denominated green bond for US$600 million, the first by a Latin American city.

Goldman Sachs and BNP Paribas acted as structuring banks and initial purchasers, and were advised by Clifford Chance. Corporación Andina de Fomento and World Bank’s International Finance Corporation were anchor investors.

The green bond transaction marked Bogotá's return to the international capital markets after 15 years.

Proceeds will finance transformative sustainable urban development projects, including Bogotá Metro Line 2 and three new electric cable car lines, promoting fully electric transport and emissions reduction as part of Bogotá’s Green, Social and Sustainable Bond Framework.

Investor interest was strong, with offers reaching US$800 million. International investors acquired 93.4% of the deal.