Cocoa-focused agribusiness Gencau's first sustainability-themed issuance was hailed as a first-of-its-kind structure in the sector.

Proceeds will be fully allocated to purchasing cocoa from small producers registered in the Gencau Programme, it said, to promote income generation and support communities in Pará and Rondônia, regions marked by socioeconomic gaps and high relevance for forest-based livelihoods.

It was "unprecedented" in Brazil's cocoa processing industry, Gencau said, "channelling capital to sustainable, low impact cocoa production and strengthening ESG innovation in agricultural value chains".

Itaú BBA was lead coordinator in the deal, which raised BRL80 million ($16 million).

An Environmental Finance Sustainable Debt Awards judge lauded it as "great innovation and direct impact" in a sector which, until the deal, had "lacked attention" despite its global reach.