Estudio Echecopar, member of Baker & McKenzie International advised HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC, as Initial Purchasers, in connection with Corporación Financiera de Desarrollo – COFIDE offering of its “2.400% Notes due 2027” (the "Notes") for an aggregate principal amount of USD 500,000,000, pursuant to Rule 144-A and Regulation S of the U.S. Securities Act of 1933, as amended (the "Offering"). Concurrently with the Offering, HSBC Securities (USA) Inc, as tender offer purchaser, launched a cash tender offer (the “Tender Offer”) for an aggregate purchase price of up to USD 600,000,000 (the “Aggregate Maximum Purchase Price”) for COFIDE's outstanding (i) 4.750% Notes due 2022 (the “2022 Notes”) and (ii) 4.750% Notes due 2025 (the “2025 Notes” and, together with the 2022 Notes, the “Existing Notes”) directed to holders of Existing Notes. The Tender Offer was subject to customary conditions, including a financing condition consisting of the pricing of the Offering of the Notes on terms and conditions and yielding net cash proceeds satisfactory to COFIDE.

COFIDE intends to use the net proceeds from the Offering of the Notes to pay the consideration for the Tender Offer.

The team that advised HSBC Securities (USA) Inc. and JP Morgan Securities LLC was led by Alonso Miranda, Pablo Berckholtz y  Rolando Ramírez-Gastón, partners; Janett Burga, senior Associate.

COFIDE is a state-owned development bank established in 1971 by the government of Peru. Key participant in the government of Peru’s economic and social development programs. COFIDE have played an active role in stabilizing the Peruvian financial system during periods of economic recession.