Ueno Bank in Inaugural $350 Million International Debt Offering

Cleary Gottlieb represented Ueno Bank S.A. (Ueno) in its debut Rule 144A/Reg S offering of $350 million aggregate principal amount of 6.7% senior notes due 2031.

The offering launched on February 26, 2026, priced on March 3, 2026, and is expected to close on March 6, 2026. The notes are expected to be listed on the Official List of the Luxembourg Stock Exchange.

The proceeds of the notes will be used for general corporate purposes, including financing growth opportunities, liability management, and credit origination.

BofA Securities Inc. and J.P. Morgan Securities LLC acted as initial purchasers and joint bookrunners.

Ueno is the first Paraguayan digital universal bank and the largest Paraguayan bank in terms of number of clients, credit cards, debit cards, and client transactions. Ueno has developed a fully online, accessible, easy to use and complete financial product in a market with low banking penetration, thereby becoming the number one financial app in Paraguay’s Apple app store. Ueno focuses on retail and corporate banking, as well as small and medium enterprise banking services.

The Cleary corporate team included partners Manuel Silva and Jonathan Mendes de Oliveira, associate Nicole Mueller, and international lawyer Matias Chaves, with assistance from associate Rodrigo Lopez Lapeña and Latin America attorney Maria Hyde. Partner Liz Dyer advised on ERISA matters. Partner Matthew Brigham and associate Julia Huang advised on tax matters.