Latham & Watkins advised Latin American development bank Corporación Andina de Fomento (CAF) in its global offering of US$1 billion in four-year notes, the bank’s second SEC-registered bond financing in 2024. The notes, which were listed on the London Stock Exchange’s main market, achieved a coupon of 4.125%, with CAF marketing the notes among fund managers, insurance companies, pension funds, central banks, and official institutions. The financing attracted overwhelming interest from global investors, with orders nearly reaching US$11 billion — far exceeding the more than US$6 billion record for orders set in January 2024, according to CAF.

CAF is a multilateral financial institution that seeks to promote economic development within Latin America and the Caribbean. Its principal and associated shareholders include 19 sovereign nations across Latin America and the Caribbean, together with Spain and Portugal. Since 2020, the firm has counseled CAF in more than 90 bond offerings exceeding US$15 billion in proceeds, including syndicated offerings and private placements under CAF’s US$30 billion English law-governed Euro medium-term note program.

Latham & Watkins LLP advised CAF in the transaction with a deal team led by partners Roderick Branch, Paul Dudek, and John Slater, with assistance from partner Basil Al-Jafari on London Stock Exchange listing matters and from associates Concepcion Olivera and Thalia Garcia.