Shearman And Sterling

News April 22, 2021

Davivienda’s $500 Million Perpetual Notes Offering

Shearman & Sterling represented Citigroup Global Markets, BofA Securities and J.P. Morgan Securities as initial purchasers in connection with an offering by Banco Davivienda S.A. of $500 million of its 6.650% Perpetual Non-Cumulative Additional Tier 1 Junior Subordinated Notes.

Davivienda, the second-largest financial institution in Colombia in terms of assets, according to the Colombian Superintendence of Finance as of December 31, 2020, is a pioneer in digital banking services in Colombia and an important regional player serving over 17.5 million clients across Colombia, Panama, Costa Rica, El Salvador, Honduras and the United States (Miami). This is the first perpetual Basel III-compliant additional tier one bond issued by a Colombian financial institution in the international capital markets.

The Shearman & Sterling team below was supported by Katie Byun and Pedro de Elizalde.

The Team