H&Cía acts in sovereign bond issuance of Peru
Hernández & Cía., together with Davis Polk & Wardwell, acted as local and international counsel, respectively, to the Republic of Peru in the issuance of S/15.4 billion (approximately USD $4.07 billion) 7.6% Soles sovereign bonds in the international market maturing in 2039.
The Republic of Peru used S/8.4 billion of this new issue to pay for the exchange of sovereign bonds and S/7 billion to purchase sovereign bonds and Global Depository Notes already issued in the international market, specifically, for the Republic’s 5.7% sovereign bonds maturing in 2024, 8.2% maturing in 2026, 6.35% maturing in 2028 and 5.94% maturing in 2029.
All of the above offerings closed on 18 June and settled on 1 July 2024.
Peru issued the New 2039 Bonds in accordance with its Sustainable Bond Framework. The proceeds of the issuance will be used to finance the Tender Offers and fiscal expenditures that may qualify as “eligible green and social categories”. The issuance also aims to “solarise” Peru’s sovereign debt.
On the financial side, Peru was advised by four of the world’s leading investment banks: Citigroup, Bank of America, JP Morgan and Santander. In addition, A&O Shearman and Rubio Leguía Normand advised the banks acting as joint dealer managers.
H&Cía’s team was led by partners José Manuel Abastos (pictured left) and Juan Luis Hernández (pictured right), with support from senior associate Gloria Zubizarreta and senior associate Andrea Limón.
Davis Polk & Wardwell’s included partner Pedro J. Bermeo, of counsel Alon Gurfinkel, and associates Michael Schuster, Dennis Chu, José Miguel Fernández, Kelli A. Rivers and Ya Sheng Lin.
A&O Shearman’s team comprised partners Alejandro Gordano and Lorenz Haselberger, visiting attorneys Marcello Pompilio and Moisés Gonzáles, and associates Gonzalo Robles and Daniel Kachmar.
Rubio Leguía Normand’s team was represented by partner Jorge Dávila, counsel Eliana Peláez and associate Luis Miguel Garrido.
