Chile’s €1.6 Billion Debt Offering

July 3, 2024

Cleary Gottlieb represented BofA Securities, HSBC, J.P. Morgan, and Société Générale Corporate & Investment Banking, as underwriters, in the Republic of Chile’s (Chile) SEC-registered offering of €1.6 billion 3.875% euro-denominated notes due 2031.

The offering of the notes launched and priced on July 2, 2024, and is expected to close on July 9, 2024. Chile intends to invest an amount equal to the net proceeds from the sale of the notes to fund budgetary programs that qualify as “eligible social expenditures” under its sustainable bond framework.

Since January 2023, Cleary Gottlieb participated in 12 transactions by the Republic of Chile representing the underwriters, initial purchasers, or dealer managers, as applicable, including new money offerings, exchange offers, and tender offers denominated in U.S. dollars, Euros, Chilean pesos, and Unidades de Fomento (UF). The combined transactions since January 2023 resulted in the issuance of new debt in excess of $17 billion, all of which were bonds with an ESG component ($9.4 billion corresponded to sustainability-linked bonds and $7.8 billion to social bonds).