Shearman And Sterling

News Aug 17, 2017

Shearman & Sterling Advises Banks on the Republic of Peru's Inaugural Offering of Euroclearable Bonos Soberanos

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 Shearman & Sterling team included partner Antonia Stolper (New York–Capital Markets); counsel Jeffrey Tate (Washington DC – Tax); associates Maria Marulanda, Robert Powel (both New York–Capital Markets), and Adam Sternberg (New York – Tax); and visiting attorney Alesandra Azcárate (New York–Capital Markets).

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