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News Oct 12, 2016

Shearman & Sterling Advises Underwriters in Offering of Banco Hipotecario’s Floating Rate Notes

Shearman & Sterling represented Deutsche Bank Securities, Santander Investment Securities and BCP Securities as joint book-running managers in connection with the offering by Banco Hipotecario of Ps. 6,078,320,000 floating rate notes due 2020 under its US$1 billion global note program.

The payment of principal of the floating rate notes will be made in three installments. Principal of and interest on the floating rate notes is payable in US dollars. The floating rate is reset every quarter and determined by reference to certain interest rates for fixed-term deposits published by the Argentine Central Bank plus a margin.

Established in 1886 by the Argentine government and privatized in 1999, Banco Hipotecario is a full-service, inclusive commercial bank, offering a wide range of banking products and activities and related financial services to individuals, small and medium-sized companies and large corporations.

The Shearman & Sterling team included partner Antonia Stolper (New York-Capital Markets); counsel Alejandro Gordano (London-Capital Markets); associate Erica Kassman (New York-Capital Markets); and visiting attorney Ana María Alpizar (New York-Capital Markets). Other Shearman & Sterling lawyers involved in the transaction were associates Jeffrey Tate (Washington, DC-Tax) and Eric Grosshandler (New York-Tax).