Arnold & Porter Advises on Over $30 Billion of Sovereign Finance Deals in 2023

In 2023, Arnold & Porter represented issuers on sovereign finance transactions totaling approximately $30.5 billion in deals for Brazil, Colombia, Costa Rica, Hungary, Panama, and Turkey. These transactions included groundbreaking first issuances of social and sustainable sovereign bonds, ushering in a new era of sustainable financing in Latin America and beyond.

“In a difficult year generally for the international bond markets, sovereign issuers were a rare bright spot, especially with respect to historic issuances of green, social, sustainable and sustainability-linked (GSSS) bonds,” said Gregory Harrington, co-chair of the firm’s sovereign finance practice.

“We are proud to continue the firm’s long tradition of precedent-setting deals for sovereign issuers,” said Whitney Debevoise, co-chair of the firm’s sovereign finance practice.

See below for more details on the practice’s 2023 activity.

Deal Specifics

Federative Republic of Brazil

The firm advised Brazil on every issue from 1996 to 2014 and both of its issues in 2023.

• US$2 billion 6.250% Global Bonds due 2031 — Brazil's landmark inaugural issue of bonds under its new Sovereign Sustainable Bond Framework.
  • Partner Gregory Harrington led the team, which included partners Whitney Debevoise, David Sausen, and Simon Firth, counsel Carlos Pelaez, and associates Mateo Morris, Lauren Hoepfner, and Valentina Garzon.
• US$2.250 billion 6.000% Global Bonds due 2033
  • Partner Gregory Harrington led the team, which included partners Whitney Debevoise, David Sausen, and Simon Firth, counsel Carlos Pelaez, and associates Mateo Morris, Lauren Hoepfner, and Valentina Garzon.

Republic of Colombia

The firm has advised Colombia on global finance matters for almost two decades.

• Historic first issuances of social bonds in the international capital markets:
  • US$1.25 billion 8.000% Global Bonds due 2035, and 
  • US$1.25 billion 8.750% Global Bonds due 2053.
    • Partner Gregory Harrington led the team, which included partners Simon Firth, David Sausen, and William Needle, counsel Carlos Pelaez and Arturo Caraballo, and associates Mateo Morris, Lauren Hoepfner, and Valentina Garzon.
• US$2.2 billion of 7.500% Global Bonds due 2034; plus an offer to purchase US$394,309,000 face amount of outstanding 4.000% Global Bonds due 2024 and US$122,655,000 face amount of 8.125% Global Bonds due 2024.
  • Partner Gregory Harrington led the team, which included counsel Carlos Pelaez, and associates Mateo Morris and Valentina Garzon. 

Republic of Costa Rica

• Rule 144A/Reg. S offering of US$1.5 billion of 6.550% Notes due 2034. 
  • Partners Gregory Harrington and Raul Herrera led the team, which included associates Mateo Morris and Valentina Garzon.

Republic of Hungary

• Issuance of US$500 million of 6.125% Notes due 2028.
  • Partner Whitney Debevoise led the team, which included partner Jeremy Willcocks, counsel Carlos Pelaez, and associates Valentina Garzon and Kardia Leung.
• Rule 144A/Reg. S offerings of 
  • US$1.5 billion of 6.125% Notes due 2028, 
  • US$1.5 billion of 6.250% Notes due 2032, and 
  • US$1.25 billion of 6.750% Notes due 2052; plus a tender offer to purchase US$380.3 million face amount of outstanding 5.750% Notes due 2023 and US$619.7 million face amount of outstanding 5.375% Notes due 2024. 
    • Partner Whitney Debevoise led the team, which included counsel Carlos Pelaez, and associates Mateo Morris and Valentina Garzon.
• Issuance of US$150 million 6.125% Notes due 2028 and US$300 million 6.250% Notes due 2032.
  • Partner Whitney Debevoise led the team, which included counsel Carlos Pelaez and associate Valentina Garzon.

Republic of Panama

The firm has represented Panama in all its sovereign issuances since the early 1990s, when the firm advised on a bond exchange and subsequent Brady restructuring.

• SEC-registered offerings of: 
  • US$800 million of 6.400% Global Bonds due 2035, and US$1 billion of 6.853% Global Bonds due 2054.
    • Partner Whitney Debevoise led the team, which included partner Gregory Harrington, counsel Carlos Pelaez, and associates Mateo Morris and Valentina Garzon.
  • US$1 billion 6.875% Global Bonds due 2036 and US$400 million 6.853% Global Bonds due 2054.
    • Partner Whitney Debevoise led the team, which included partner Gregory Harrington, which included counsel Carlos Pelaez, and associates Mateo Morris and Valentina Garzon.
• Issuance of US$700 million 6.375% Treasury Bonds (Bonos del Tesoro) due 2033.
  • Partner Whitney Debevoise led the team, which included partner Gregory Harrington, counsel Carlos Pelaez, and associates Mateo Morris and Valentina Garzon.

Republic of Türkiye (Turkey)

The firm has represented Turkey on global finance matters for more than 20 years.

• SEC-registered offerings of US$7.5 billion of Notes, including: 
  • US$2.75 billion of 9.375% Notes due 2033; 
  • US$2.25 billion of 9.375% Notes due 2029; and 
  • US$2.5 billion of 9.125% Notes due 2030.
    • Partner Christopher Peterson led the team for each offering, which included associates Brady Randall, Sean Atkinson, and Kexi Jin.
• US$2.5 Billion Sukuk issuance due 2029.
  • Partner Christopher Peterson led the team, which included partners Jeremy Willcocks, David Sausen, and William Needle, counsel Kathleen Wechter, and associates Brady Randall, Kardia Leung, Sean Atkinson, Kexi Jin, and Lauren Hoepfner.