Cleary acts on $350m Chile catastrophe bond issue
Cleary Gottlieb has advised the Republic of Chile on the $350 million catastrophe bond issue by the International Bank for Reconstruction and Development of the World Bank.
This transaction was undertaken with the objective of insuring Chile for its financial risk in relation to seismic events affecting the country.
The issuance was by the IBRD in the framework of its Capital at Risk Notes programme linked to catastrophes. This is the second time Chile has participated in an IBRD catastrophe bond issue.
The catastrophe bonds will provide Chile with catastrophe insurance protection for a period of three years, maturing in March 2026. The deal was priced on 17 March 2023 and is expected to close on 24 March 2023.
Cleary’s team consisted of partner Jorge Juantorena (pictured), associate Ignacio Lagos and stagiaire Micaela Mingramm. All lawyers are based in New York.
