Republic of Peru’s $4 Billion Sovereign Bonds Offering

Simpson Thacher advised the Republic of Peru, while Shearman & Sterling advised the underwriters on the deal.

The Republic of Peru executed its U.S. Dollar-Denominated 1.862 percent Global Bonds due 2032, 2.780 percent Global Bonds due 2060 and 3.230 percent Global Bonds due 2121, in an aggregate principal amount among the three series of $4 billion, including the country’s first century bond.

The underwriters included BBVA Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Itaú BBA USA Securities, Inc. and Morgan Stanley & Co. LLC.

The Republic of Peru will use the net proceeds from the offering to finance expenditures relating to the prevention and containment of COVID-19, as well as to stimulate the economy and for expenditures included in the budget for fiscal year 2020 that were affected by the decrease in government revenues as a result of the COVID-19 pandemic.

Shearman & Sterling advised the underwriters with a team including Antonia E. Stolper (Picture) Grissel Mercado, Maria Marulanda Larsen, Charles Zamiskie, Larry Crouch, Eric Grosshandler, Austin Jones, Taylor Pugliese, and Elias Zaga Belzer.

The Simpson Thacher team advising the Republic of Peru for the transaction included Jaime Mercado, Kirsten L. Davis and Laura Ribero (Capital Markets); and Jonathan Cantor and Brian Mendick (Tax).

Involved fees earner: Larry Crouch – Shearman & Sterling; Eric Grosshandler – Shearman & Sterling; Austin Jones – Shearman & Sterling; Maria Marulanda Larsen – Shearman & Sterling; Grissel Mercado – Shearman & Sterling; Taylor Pugliese – Shearman & Sterling; Antonia Stolper – Shearman & Sterling; Charles Zamiskie – Shearman & Sterling; Jonathan Cantor – Simpson Thacher & Bartlett; Brian Mendick – Simpson Thacher & Bartlett; Jaime Mercado – Simpson Thacher & Bartlett; Laura Ribero – Simpson Thacher & Bartlett;

Law Firms: Shearman & Sterling; Simpson Thacher & Bartlett;

Clients: BBVA Securities Inc.; Citigroup Global Markets Ltd; Goldman Sachs & Co.; Itaú BBA USA Securities; Morgan Stanley; Republic of Peru;

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Author: Ambrogio Visconti