CAF provided a US$200 million standby letter of credit to El Salvador’s 2024 debt-for-nature conversion, which funds conservation of the Rio Lempa watershed [IC].
Right of reply
This page describes CAF only through its published statements and the public records of the deals listed. CAF has not yet been invited to comment. Responses and corrections will be recorded here with their date. On register pages, [MS] marks a claim that rests only on the institution’s own statement or on statements by parties to the same deal.
In the register
The register follows instruments whose terms depend on a verified ecological outcome, the broad family of the performance-based bond. The register index explains its tiers, roles and claim tags.
| Deal | Year | Family | Role | Amount | Claim |
|---|---|---|---|---|---|
| El Salvador Rio Lempa conversion | 2024 | Debt-for-nature conversion | Credit enhancer (standby letter of credit) | US$200m | [IC] |
The El Salvador deal refinanced US$1.031 billion of bonds with a US$1 billion, 20-year loan arranged by J.P. Morgan, wrapped in US DFC political-risk insurance [IC]. Breaches of the conservation commitments raise the interest rate, and compliance can lower it [IC]. The register places CAF in Tier 1 with the multilateral development banks, although it is a regional bank.
Related
- Nature Performance Bond Investor Register
- JPMorgan Chase
- US International Development Finance Corporation
References
- LatinFinance, Sovereign Sustainable Deal of the Year (30 January 2026)
- Norton Rose Fulbright, CAF in El Salvador debt conversion
- J.P. Morgan, El Salvador debt-for-nature transaction
Provenance
Drafted on 15 October 2026 from the research brief Nature performance bond investors.md, compiled the same day from five research strands: outcome-linked and sustainability-linked bonds, environmental impact bonds, debt-for-nature conversions, insurers and reinsurers, and the largest asset managers with their regulatory context. Claim tags follow the brief, which never upgraded a claim without a source and lowered to [MS] any claim a research note had graded [IC] on the strength of a company’s own release. The headquarters country in based_in comes from general knowledge unless a deal record states it, and is to be confirmed. The brief’s search had limits: fund holdings filings, municipal bond disclosures and the Oxford INDIGO and Brookings impact bond databases were not searched, so a deal missing from this page may exist.