Shearman & Sterling acted as counsel to Banco Nacional de Costa Rica (BNCR), in connection with the purchase and sale by Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P Morgan Securities, LLC of US$500 million aggregate principal amount of BNCR’s 5.875% senior notes due 2021 under Rule 144A/Regulation S. The senior notes are the first “green bonds” offered in Costa Rica and Central America. The net proceeds from the offering will be used by BNCR to fund “eligible green projects” that include projects that foster renewable energy, such as wind projects, solar projects, hydroelectric energy projects and waste water treatment projects.

The Team