Linklaters advises the Republic of Chile on US$4bn sustainable bond offering
Represents the first international bond offering by the Republic of Chile after its most recent presidential election
Linklaters has advised the Republic of Chile on the offering of dollar-denominated sustainable bonds totaling US$4.0bn. The momentous deal was comprised of three series of bonds, US$1.5bn 2.750% Notes due 2027, US$1.5bn 3.500% Notes due 2034 and US$1.0bn 4.000% Notes due 2052.
The strong issuance highlights the demand from investors with dedicated environmental, social, and governance (ESG) mandates.
The Republic of Chile intends to invest an amount equal to the proceeds from the sale of the bonds, net of the underwriting discount and certain expenses, into projects that may qualify as “eligible green expenditures” and “eligible social expenditures” under its Sustainable Bond Framework.
The Linklaters team was led by partner Conrado Tenaglia and counsel Alejandro Gordano, alongside Counsel Matthew Brigham (Tax), associates Maria Vaz Ferreira and Matthew Russo (Tax), and foreign attorney Monica Perez-Banuet Farell.
Linklaters has been at the forefront of the growth in the green bonds market, advising on some of the leading offerings in recent years. This has included the first sovereign green bond issuance in the Middle East and North Africa region, Ukraine’s first-ever green bond issuance, and the world’s first green convertible bond in the real estate sector among many others. Linklaters also advised on Europe’s first sovereign sustainability bond.
Linklaters’s green and social bond experience spans its Latin American, North American, European, and Asian offices and draws on the support of the firm’s market-leading practices.