Cleary Gottlieb represented the Republic of Armenia in its offering of $750 million aggregate principal amount of 3.6% notes due 2031, its largest bond offering to date, which closed on February 2, 2021.
J.P. Morgan Securities plc, Citigroup Global Markets Limited, and HSBC Bank plc acted as joint lead managers and bookrunners for the offering.
The offering marked the fourth time Armenia has tapped the international capital markets, following its 2013 debut $700 million issuances, its 2015 $500 million issuance (combined with a tender offer for the 2013 bonds), and its 2019 $500 million issuance (also combined with a tender offer for its 2013 bonds). Cleary has represented Armenia in all its offerings.