BNDES’s $1 Billion Green Notes Offering

Cleary Gottlieb represented Banco Nacional de Desenvolvimento Econômico e Social (BNDES) in its Rule 144A/Reg S offering of $1.0 billion 4.750 percent green notes due 2024.

The bond offering was assigned a green bond assessment by an independent opinion provider based on the issuer’s commitment to allocate an amount equal to the proceeds to finance new and existing renewable energy projects in wind and solar energy power.

Bank of America Merrill Lynch, Credit Agricole and JPMorgan were joint bookrunners on the transaction. The notes are listed on the Luxembourg Stock Exchange’s Green Exchange and traded on the Euro MTF market. The offering, which priced on May 2, 2017, closed on May 9, 2017.

BNDES is Brazil’s national bank for economic and social development and is wholly owned by the Brazilian federal government. As the main instrument for the execution of the Brazilian federal government’s investment policies, BNDES provides support for programs, project, works and services that are intended to promote the economic and social development of Brazil.  BNDES is the primary domestic source of long-term financing in the Brazilian economy, with a special emphasis on private sector investment projects and infrastructure projects.