Shearman & Sterling represented BNP Paribas Securities Corp. and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint lead managers in connection with the issuance by the North American Development Bank of $300,000,000, 2.300% Notes due 2018.

The North American Development Bank is a bi-national development financing institution established by the United States and Mexico under NAFTA to finance environmental infrastructure projects in the US-Mexico border region. This includes creating and sustaining drinking water supplies and developing wastewater treatment and municipal solid waste management facilities, as well as air quality, clean energy, energy efficiency, public transportation and water management.

The following Shearman & Sterling team advised the joint lead managers in the transaction: partner Stuart Fleischmann (New York–Capital Markets); associates Nathan Mee (San Francisco–Capital Markets), Antonio Herrera Cuevas (San Francisco–Capital Markets), Jeffrey Tate (Washington, DC–Tax) and Melissa Henkel (Washington, DC–Tax).