Milbank LLP advised Banco Continental S.A.E.C.A., as issuer, in an offering of US$300 million aggregate principal amount of 2.750% senior notes due 2025. This was the first-ever sustainability bond by a Latin American financial institution.
Banco Continental is the largest Paraguayan financial institution in terms of total loans, with a 14% market share as of October 2020 according to Moody’s.
The Milbank deal team was led by Marcelo Mottesi, head of Milbank’s Global Capital Markets practice and co-head of the firm’s Latin America Group, with associates Andres Osornio and Jesus Narvaez. The team also included Tax partner Andrew Walker and associate David Hanno, Transportation & Space partner Dara Panahy and associates Bijan Ganji and Pinky Mehta and Executive Compensation partner Joel Krasnow.
Mr. Mottesi said: “We are pleased to have advised Banco Continental in its inaugural sustainability bond offering. Investments in key sustainability sectors will continue to increase in Latin America and will also be critical to the post-pandemic recovery of the region.”
