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Colombia’s Landmark $2.5 Billion Social Bond Offering Wins ‘Sovereign Sustainable Deal of the Year’ at LatinFinance’s 2024 Deals of the Year Awards

February 4, 2025

The Republic of Colombia’s historic first issuance of social bonds in the international capital markets, on which Arnold & Porter advised the Republic, won “Sovereign Sustainable Deal of the Year” at LatinFinance’s prestigious 2024 Deals of the Year awards ceremony on January 30, 2025. The ceremony recognizes the progress, innovations, and standout accomplishments of the prior year and celebrates the most “outstanding transactions across the capital markets of Latin America and the Caribbean.”

The landmark transaction, which was valued at US$2.5 billion, included two separate Global Bonds:

  • US$1.25 billion 8.000% Global Bonds due 2035, and
  • US$1.25 billion 8.750% Global Bonds due 2053

Colombia aimed to allocate an amount equal to the net proceeds of the offering to eligible social expenditures under the Republic’s Green, Social and Sustainable Bond Framework, in conformity with ICMA’s Green Bond Principles. The transaction aligned with the Republic's agenda of utilizing public debt to advance social goals. The offering was registered with the Securities and Exchange Commission and the bonds were listed on the Euro MTF and the Green Exchange (LGX) of the Luxembourg Stock Exchange.

The Arnold & Porter team included partner and co-head of Arnold & Porter’s Sovereign Finance practice Greg Harrington, counsel Arturo Caraballo and Carlos Pelaez, senior associate Mateo Morris and associate Valentina Garzon, while partner Simon Firth advised on matters of English law and partners David Sausen and William Needle and associate Lauren Hoepfner advised on matters of U.S. taxation.