Shearman & Sterling represented the underwriters, led by BNP Paribas, Credit Suisse (Europe) Limited and Deutsche Bank AG, London Branch, in an issuance of €750 million 4.125% notes due 2017 by the Brazilian development bank BNDES (Banco Nacional de Desenvolvimento Econômico e Social). The offering was carried out under Rule 144A and Regulation S. BNDES will use the proceeds to further its business of providing long-term financing for Brazilian industry.

The transaction involved three offices (New York-São Paulo and London). Principal attorneys were partners Stuart Fleischmann (Capital Markets-New York), Robert Ellison (Capital Markets-São Paulo) and Ian Harvey-Samuel (Asset Management-London) and associates J.P. Sevilla (Capital Markets-New York) and Fernanda Iacia (Capital Markets-São Paulo).