- The transaction, maturing in 2030, with a fixed coupon of 5.25 percent and a BBB rating from EthiFinance, forms part of the ‘GAM 2025 Sustainability-Linked Fixed Income Programme’ and will fund the company’s growth in addition to the redemption of a previous thirty-million-euro issue.
Granda, Siero (Asturias). 20 November 2025. GAM (GAMQ) has registered a new bond issue on the Spanish Alternative Fixed Income Market (MARF) for a total nominal amount of fifty million euros, maturing on 25 November 2030 and with a fixed annual interest rate of 5.25 percent.
This is the company’s first sustainability-linked bond issue and forms part of the ‘GAM 2025 Sustainability-Linked Fixed Income Programme.’ The bonds, which have been admitted to trading on the MARF, will have a unit nominal value of €100,000 each.
The issue has received a BBB (investment grade) credit rating from EthiFinance Ratings, S.L., reflecting the strength of GAM’s risk profile and the market’s recognition of its ability to generate profits and cash flow. It is also worth noting that the global coordinator for the transaction is Renta 4 Banco, S.A.
GAM’s bonds qualify as sustainability-linked bonds and are tied to sustainability criteria in line with the Sustainability-Linked Bond Principles published by the International Capital Markets Association (ICMA). The transaction structure thus integrates GAM’s environmental, social and governance (ESG) commitments into the company’s funding, aligning its financial targets with its overall sustainability strategy.
The funds raised through this issue will be used to drive GAM’s organic and inorganic growth and to redeem the thirty-million-euro bond issue launched in 2021. In this way, the company optimises its debt structure, extends the average maturity of its liabilities and strengthens its financial flexibility to fulfil its business plan over the coming years. With this transaction, approximately 50 percent of GAM’s financial debt will also be linked to sustainability parameters and achieving the ESG objectives defined by the company.
“This issue is a qualitative step forward in the way GAM’s growth is funded,” said Antonio Trelles, GAM’s Chief Financial Officer (CFO). “Explicitly linking a portion of our debt to sustainability targets reflects the ongoing transformation of our business model in financial terms: greater efficiency, more value-added services, and more circular solutions for customers. We believe that this type of instrument helps us to diversify and optimise our funding sources and also attracts investors who share a long-term vision, valuing companies that are disciplined in their growth and have a sustainable approach,” he added.
“In line with this strategy, GAM has formalised its ESG commitments in a Sustainability Plan that sets out the Group’s roadmap and is underpinned by two aspects, among others, that are particularly relevant to this issuance.” First, the circular economy, through the REVIVER Project, under which the company has established a re-manufacturing plant that refurbishes machines and parts to maximise material use and extend the life of its equipment. To date, this plant has re-manufactured more than 330 machines. Second, sustainable energy and mobility, an area in which GAM has launched a new business line to provide zero-emission vehicles for last-mile logistics fleets, and in which it has been investing for years in clean technologies: by the end of 2024, 84.10% of its total fleet will be zero-emission and 95 percent of the Group’s energy consumption comes from green sources.
These initiatives, together with other aspects of the Sustainability Plan, such as social innovation and business transformation, form the framework for defining the sustainability indicators and targets associated with GAM’s first sustainability-linked bond issue, reinforcing the alignment between its funding policy and its responsible business model.
