Le métro de Medellín aura-t-il de nouveaux propriétaires ?

The Metro de Medellín has successfully entered the financial markets through its first issuance of sustainable bonds, raising $330 billion with an additional $30 billion oversubscription. The offering was highly demanded, with investor interest reaching 1.62 times the amount offered. This marks a significant step in the city's efforts to modernize its public transportation system and secure long-term funding for infrastructure projects. The funds raised will be exclusively allocated to enhance the operational capacity of the metro system through clean mobility initiatives. Key projects include the acquisition and integration of 13 new electric trains, adding 39 carriages to the network, and the technological upgrade of existing train control systems to improve service safety and efficiency. Additionally, the proceeds will be used to restructure financial obligations incurred during the purchase of trains in 2015. The bond issue includes three tranches with maturities of 10, 14, and 30 years. This diversified financing strategy allows the Metro de Medellín to access capital over extended periods, ensuring stability in its investment plans. The operation received top credit ratings, including an AAA (Col) rating from Fitch Ratings and a second-party opinion from S&P Global Ratings, underscoring the environmental and social benefits of the planned investments. Tomás Elejalde, the Metro’s manager, addressed concerns regarding ownership changes following the bond issuance. He clarified that issuing bonds does not alter the company’s ownership structure. The City Council of Medellín and the Antioquian Governor’s Office remain the sole shareholders of the entity. “It is important to clarify that issuing bonds does not change the ownership of the Metro de Medellín,” he stated. “Unlike shares, which represent equity ownership, bonds are loans that investors provide to the company.” Elejalde further explained that when the Metro issues bonds, it is essentially borrowing money from investors who purchase them. In return, the company commits to repaying the loan within a specified time frame, along with interest payments known as coupons. “Therefore, anyone who buys a bond becomes a lender to the Metro, not a shareholder,” he added. “They have no voting rights in company decisions.” The bond issuance was well-received by both institutional and individual investors, reflecting confidence in the Metro de Medellín’s ability to manage its finances responsibly and deliver on its sustainability goals. The successful placement of the bonds highlights the growing interest in green finance and the potential for public infrastructure projects to attract private investment. This milestone comes amid broader discussions about the future of urban mobility in Colombia and the role of public-private partnerships in advancing sustainable development. As the Metro de Medellín moves forward with its expansion plans, the success of this bond issuance could serve as a model for other cities seeking similar financial strategies.