Paraguay in $500 Million Debt Offering

February 20, 2013

Cleary Gottlieb represented Citibank and Bank of America Merrill Lynch, as initial purchasers, in connection with the $500 million 4.625% Bonds due 2023 144A/RegS offering by the Republic of Paraguay. The issue was Paraguay’s debut in the international capital markets.

The offering marks the lowest yield and coupon ever achieved by a double-B Latin American sovereign in a US-denominated bond offering. The book for Paraguay’s maiden bonds totalled approximately $5 billion. The proceeds will be used by Paraguay for energy and infrastructure projects.