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Latham & Watkins Advises Latin American Development Bank CAF on US$800 Million Global Bond Offering

November 21, 2022
Members of the firm’s Capital Markets, Financial Institutions, and Latin America Practices represented the issuer in the upsized public sale.

Latham & Watkins advised Latin American development bank CAF (Corporación Andina de Fomento) on its US$800 million global bond offering, the first tranche to be sold under CAF’s US$3 billion SEC registration statement, which was declared effective earlier this year. The three-year notes, which will be listed on the London Stock Exchange’s main market, obtained a coupon of 5.25% and received ratings of Aa3 from Moody’s, AA- from S&P, and A+ from Fitch.

CAF is a multilateral financial institution that seeks to foster and promote economic development within Latin America and the Caribbean. Its principal and associated shareholders include eighteen sovereign nations across Latin America and the Caribbean, together with Spain and Portugal.

From 2020 to the time of this announcement, Latham has counseled CAF in more than forty bond offerings exceeding US$6 billion in proceeds, including syndicated offerings and private placements under CAF’s US$30 billion English law-governed Euro medium-term note program. The transactions reflect the firm’s prowess in advising supranational financial institutions in their capital raising needs around the world, including recent registered offerings by the Asian Infrastructure Investment Bank and the Export-Import Bank of Korea

Latham & Watkins LLP advised CAF in the transaction with a deal team led by partners Roderick Branch and Paul Dudek, with associates John Slater, Angel Marcial, and Carolina Bernal. Partner Basil Al-Jafari advised on London Stock Exchange listing matters.