Juan Giraldez

Cleary represents Uruguay in first sustainability-linked bond issue

Cleary Gottlieb has represented the Republic of Uruguay in a $1,499,975,998 USD sustainability-linked bond offering due 2034, the first sustainability-linked bond issue by Uruguay and the second by a state. The offering was priced on 20 October 2022 and is expected to close on 28 October 2022.

As a result of this issuance, Uruguay becomes the first issuer to include a coupon reduction if it exceeds pre-defined targets at a certain threshold. These targets involve achieving a reduction in aggregate greenhouse gas emissions, expressed in CO2 equivalent per unit of real GDP, by 2025 compared to 1990, as well as maintaining or increasing the area of native forest covering Uruguay’s territory by 2025 compared to 2012.

In addition to the issuance, Uruguay also launched a cash tender offer for certain series of Uruguay’s outstanding US dollar-denominated bonds, which are expected to settle on 27 October 2022.

Credit Agricole Securities (USA), HSBC Securities (USA), J.P. Morgan Securities, and Santander Securities acted as underwriters of the bond offering and joint dealer managers of the offering.

Cleary’s team consisted of partner Juan Giráldez (pictured), associate Ignacio Lagos and stagiaire Micaela Mingramm, with support from partners Jason Factor and Sui-Jim Ho, associates Eugene Wei-En Woo, Jonathan Griggs and Paola Stratta, and law clerk Nathaniel Pribil.

Cleary represents Uruguay in first sustainability-linked bond issue

L Giselle Estrada


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