BLP advised on the issuance of $1.5 billion in Eurobonds by the Republic of Costa Rica

On March 27, the Republic of Costa Rica issued bonds in foreign currency for $1.5 billion with a yield of 6.55%, averaging a maturity in 2034. BLP served as a local counsel to Santander US Capital Markets LLC and J.P. Morgan Securities LLC, who acted as initial purchasers and joint administrators in this transaction.

Official sources indicate that over 300 offers totaling $7.3 million were received during the day, a highly favorable performance.  The advisors celebrated the results that denote the country’s integrity and environmental, social, and financial well-being. This is the first transaction of this type after the Republic of Costa Rica obtained the approval of the Legislative Assembly to offer up to 5,000 million in a period of three years, under Law No. 10,332 of the Ministry of Finance of Costa Rica.

The transaction’s maturity structure has an average life of 10 years, amortizations in the last three years of the term (2032, 2033, and 2034), semi-annual fixed coupons, and a yield of 6.55%.

The BLP team was led by partners Eduardo Calderón, Julio Castellanos, Pablo Umaña, and Vivian Liberman, assisted by Senior Counsel Rodrigo Cubero, director Adriana Acuña, and associates Diego Quirós and Luis Herrera.