Clifford Chance

Clifford Chance advises on the Republic of El Salvador's return to the international capital markets

New York: Global law firm Clifford Chance has advised BofA Securities, Inc. (A) as initial purchaser, in connection with a novel notes issuance by the Republic of El Salvador (El Salvador), consisting of (i) a US$1 billion aggregate principal amount of 9.25% notes due 2030, and (ii) a US$1 billion reference notional amount of Macro Variable Interest Only Step-Up Notes, and (B) as dealer manager, in connection with El Salvador's tender offer for its 5.875% notes due 2025, 6.375% notes due 2027 and 8.625% notes due 2029.

This transaction marked El Salvador's return to the international capital markets after nearly four years.

The Clifford Chance team was led by partner Hugo Triaca and included associates Joyce Moore and Alexandra Machado and foreign law clerk Juan Andrés Bosch Muñoz, all based in New York, with additional support from:

• London: partner Deborah Zandstra, head of the firm's sovereign practice
• Tax: partner Avrohom Gelber and associate Sharon Yu in New York
• Compliance: partner George Kleinfeld and counsel Jacqueline Landells in Washington, DC

Clifford Chance advises on many sovereign and quasi-sovereign transactions in the Latin American market, including on the recent US$1.5 billion bond issuance by the Republic of Costa Rica.