Cleary Gottlieb advises on Chile’s debt offerings
Cleary Gottlieb has counseled the underwriters, including Crédit Agricole, J.P. Morgan, Santander, and Société Générale, on the Republic of Chile’s SEC-registered debt offerings totaling €3 billion, along with a separate US$850 million issuance.
The transaction comprises €1.5 billion in 3.375% euro-denominated notes due 2032, €1.5 billion in 3.875% euro-denominated sustainability-linked notes due 2036, and US$850 million in 4.35% U.S. dollar-denominated notes due 2031.
The offerings of the USD notes and SLBs launched and priced on January 7, 2026, and are expected to close on January 13, 2026, and January 14, 2026, respectively. These are Chile’s first SLBs with key performance indicators (KPIs) related to area conservation.
Cleary’s team was led by partners Jorge Juantorena (pictured left) and Ignacio Lagos (pictured right), associate Rodrigo Lopez Lapeña, and law clerk Micaela Mingramm. Partner Matthew Brigham, associate Banu Dzhafarova, and law clerk Jiyoung (Reina) Kim advised on New York tax matters. All lawyers are based in New York.
The sustainability performance targets (SPTs) contemplated by Chile’s Sustainability-Linked Bonds include achieving at least 30% of the total national land surface area (including inland waters) covered by areas protected by the Ministry of the Environment and/or area-based conservation measures by December 31, 2030, (SPT Event A) and achieving at least 10% of total national land surface area (including inland waters) under areas protected by the Ministry of the Environment that meet key effectiveness metrics related to governance, planning, personnel, and monitoring by December 31, 2030 (the SPT Event B and, together with the SPT Event A, the SPT Events).
