BancoEstado in Inaugural CHF100 Million Blue Notes Offering

Cleary Gottlieb represented Banco del Estado de Chile (BancoEstado) in a Reg S offering of its CHF 100 million 1.035% senior fixed-rate notes.

The transaction marks BancoEstado’s inaugural issuance of “blue notes” under its Sustainable Financing Framework, the proceeds of which will be used to finance eligible “blue” projects under such framework. This offering is also the first blue offering admitted to trading on the SIX Swiss Exchange.

The offering priced on October 16, 2025, and closed on October 29, 2025.

Zürcher Kantonalbank and BNP Paribas, Paris, Lancy/Geneva Branch acted as joint lead managers.

BancoEstado is wholly owned by the Republic of Chile and is one of the oldest financial institutions in Chile, with its predecessor starting operations in 1855. BancoEstado is also one of the largest financial institutions in Chile in terms of aggregate loans, number of customers, and geographic coverage.