Part of series developed by UN Women and the Luxembourg Stock Exchange, this case study highlights a $700 M USD sustainability-linked bond (SLB) for gender equality issued by Brasil, Bolsa, Balcao (B3), a Brazilian Stock Exchange, in 2021. An SLB is a performance-based gender bond, which is one where the terms are linked to issuer performance or targets. B3 became the first stock exchange in the world to issue an SLB and therefore financially commit to meeting sustainability-related goals. The bond aims to increase the percentage of women in leadership (to at least 35 percent by 2026) and create an index to incentivize companies listed on B3 to improve their diversity and inclusion practices by annually disclosing the diversity of leadership positions (by 2024). The bond includes features aligned with SBL principles incorporating a penalty (step-up) in interest rates if targets are not met.