Clifford Chance

Clifford Chance advises on first international notes issuance by Colombia's Banco de Occidente

Global law firm Clifford Chance has advised BBVA Securities Inc and Merrill Lynch International, as Initial Purchasers, in connection with the issuance of US$175 million aggregate principal amount of Tier Two Capital Subordinated Notes due 2034 by Banco de Occidente S.A. (Banco de Occidente).

The transaction marks Banco de Occidente's first ever issuance of notes in the international capital markets. Banco de Occidente is part of the Colombian financial services conglomerate Grupo Aval.

The Clifford Chance team advising the Initial Purchasers on the deal was led by partner Hugo Triaca, with support from associate Alejandro Leon and law clerk Adriana Cabal.

Clifford Chance advises on many transactions in the Latin American market, recently advising Peru's COFIDE on its first sustainable notes issuance in the international capital markets and related tender offer and on the first sustainable bond issuance by Grupo Energía Bogotá S.A. E.S.P.