Cleary Gottlieb advised Chile on $500m catastrophe bond issuance
Cleary Gottlieb represented Chile on a $500 million catastrophe bond issuance by the World Bank’s International Bank for Reconstruction and Development (IBRD).
The objective of the transaction is to insure Chile for its financial risk arising from earthquake events. The operation consisted of a Cat Bonds issuance by the IBRD under its catastrophe-linked Capital at Risk Notes program.
This is the first time Chile participates in a Cat Bond issuance. The operation was part of the issuance of five series of Cat Bonds covering the four Pacific Alliance countries (Chile, Colombia, Mexico, Peru) against earthquake losses.
Buenos Aires-based partner Andrés de la Cruz led the Cleary team advising the Republic of Chile.
