Shearman & Sterling represented Scotiabank Perú S.A.A., as initial purchaser and BNP Paribas, HSBC Securities (USA) Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Scotia Capital (USA) Inc. as international initial purchasers in connection with the Republic of Peru’s inaugural offering of S/10 billion aggregate principal amount of its 6.15% bonos soberanos due 2032 (the “Bonds”), settled, traded and held through the facilities of Euroclear Bank S.A./N.V., as operator of the Euroclear Clearance System plc.

The transaction constituted Peru’s first international offering of sol-denominated bonds governed by Peruvian law without a global depositary note structure. The net proceeds from the issuance of the bonds are being used by Peru to manage its external liabilities.

The Team