$1.5 Billion Notes Offering by Banco Nacional de Desenvolvimento Econômico e Social

Cleary Gottlieb represented a group of three lead managers and bookrunners in a Rule 144A/Reg S offering by Banco Nacional de Desenvolvimento Econômico e Social of $1.0 billion 4.000% Notes due 2019 and $500 million 5.750% Notes due 2023. The notes are listed on the Luxembourg Stock Exchange and traded on the Euro MTF market. The offering, which priced on April 7, closed on April 14.

BNDES is Brazil’s national bank for economic and social development and is wholly-owned by the Brazilian federal government. As the main instrument for the execution of the Brazilian federal government’s investment policies, BNDES provides support for programs, project, works and services that are intended to promote the economic and social development of Brazil. BNDES is the primary domestic source of long-term financing in the Brazilian economy, with a special emphasis on private sector investment projects and infrastructure projects.