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News Feb 13, 2017

Shearman & Sterling Advises on Fondo MIVIVIENDA’S US$150 Million Notes Offering and S/1.5 Billion Bonos Corporativos Global Offering

Shearman & Sterling represented Morgan Stanley & Co. LLC and Scotia Capital (USA) Inc. as joint bookrunners in connection with Fondo MIVIVIENDA S.A.’s (i) international offering of US$150 million aggregate principal amount of its 3.500% notes due 2023, which was a further issuance of the 3.500% notes due 2023 originally issued on January 31, 2013 and (ii) global offering of Peruvian soles denominated, Peruvian law Bonos Corporativos in an aggregate principal amount of S/1.5 billion (approximately US$455.8 million) 7.000% Bonos Corporativos due 2024, of which S/927.6 million were sold internationally in the form of global depositary notes (GDNs) by the joint bookrunners. This is the first corporate global despositary notes offering in Peru. To date, the only other GDN offerings from Peru have been for the sovereign.

Fondo MIVIVIENDA S.A. is a for-profit entity wholly owned by the Peruvian state, established to provide access to mortgage financing for lower- and middle-income working families and individuals.

The Shearman & Sterling team included partner Antonia Stolper (New York-Capital Markets); counsel Grissel Mercado (New York-Capital Markets) and Jeffrey Tate (Washington, DC-Tax); associates Yesenia Judith Barberena (New York-Corporate) and Devon Yamauchi (Washington, DC-Tax); and visiting attorney Adriana Ospina-Jimenez (New York-Capital Markets).

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