The City of Buenos Aires issued US$500 million 8.95 per cent notes due 2021 internationally pursuant to its US$2.29 billion MTN Programme for repaying and refinancing existing debt of the City.

Linklaters represented HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith  Incorporated, who acted as Joint Book-Runners. The Bank of New York Mellon acted as trustee, principal paying agent, transfer agent, registrar, custodian and common depositary. Linklaters and Bruchou, Fernández Madero & Lombardi provided counsel to the banks. Munoz de Toro provided counsel to the issuer.

Conrado Tenaglia, U.S. managing partner and co-head of Linklaters’ Latin America practice comments:

“Closing this transaction was a tremendous success for our clients and the City of Buenos Aires, especially in light of the challenges that needed to be addressed in one of the first issues by an Argentine quasi-sovereign after the sovereign´s default in July 2014.”   

The transaction closed on February 19, 2015.

The Linklaters’ team included, partners Conrado Tenaglia, Caird Forbes-Cockell and Matthew Poulter, counsel Paulette Mastin and associates Nilo Barredo and Scott Rolnik.