Clifford Chance advises Peru’s COFIDE on its first sustainable notes issuance in the international capital markets and related tender offer

New York: Global law firm Clifford Chance has advised Corporación Financiera de Desarrollo S.A. (COFIDE), the Peruvian state-owned development bank, on (i) an issuance of US$300 million 5.950% Notes due 2029 and (ii) a cash tender offer for its 5.250% Fixed-to-Floating Rate Subordinated Notes due 2029.

COFIDE will use the proceeds from the issuance to finance or refinance new or existing eligible social projects pursuant to COFIDE’s Thematic Bond Framework, which includes nine green categories and three social categories to encourage sustainable development in Peru. COFIDE is a key participant in the Peruvian government’s economic and social development programs.

The Clifford Chance team advising on the deal was led by partner Hugo Triaca, with support from associates Joyce Moore, Maria Fernanda Gadea Rivera and foreign law clerk Juan Andrés Bosch Muñoz.

Clifford Chance advises on many transactions in the Latin American market, including COFIDE on its successful return to the international capital markets after 5 years with a bond issuance and a concurrent tender offer in 2020.