ニュース June 14, 2023

Shearman & Sterling Advises on Republic of Peru Issuance of Bonds, and Exchange and Tender Offers

Shearman & Sterling advised Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Santander US Capital Markets LLC as initial purchasers and dealer managers in connection with the issuance of the Republic of Peru’s Sol-Denominated 7.300% Bonos Soberanos due 2033 in an aggregate principal amount of S/9,185,000,000, and in liability management transactions consisting of (i) an offer to exchange or to purchase for cash four outstanding series of Soles denominated notes in the form of Bonos Soberanos and global depositary notes (GDNs), and (ii) an offer to purchase for cash five outstanding series of U.S.-Dollar denominated notes. The new notes were sold for cash or for exchange in a private placement pursuant to Rule 144A and Regulation S and included the issuance of GDNs, which represent the underlying Bonos Soberanos.

The Republic of Peru used the net proceeds from the offering of Bonos Soberanos (and related GDNs) to finance the liability management transactions. The Republic of Peru intends to invest an amount equal to the proceeds from the offering of Bonos Soberanos (and related GDNs) in expenditures that may qualify as “eligible green and social categories” under Peru’s Sustainable Bond Framework.

The Team