LatinFinance Recognizes Arnold & Porter for Advising Republic of Colombia and Republic of El Salvador

Arnold & Porter was recognized at the annual LatinFinance Deals of the Year Awards for advising the Republic of Colombia on a 2025 derivatives transaction involving a total return swap provided by a consortium of global banks and a related tender offer, which won “Sovereign Liability Management Deal of the Year.” The awards ceremony, held on January 29, 2026, celebrates standout transactions and institutions in the capital markets of Latin America and the Caribbean.

The aggregate notional amount of the return swap totaled the Swiss franc equivalent of US$9.3 billion. As part of the transaction, the consortium of banks also completed a tender offer for various series of the Republic’s outstanding Global Bonds.

The Arnold & Porter team advising the Republic of Colombia was led by counsel Arturo Caraballo, partner Greg Harrington and senior associate Mateo Morris, with the assistance of associate Noel Abdala-Arata on general corporate matters and partner David Sausen and associate Lauren Olaya on tax matters.

LatinFinance also recognized Arnold & Porter for advising the Comisión Ejecutiva Hidroeléctrica del Río Lempa (CEL), a public autonomous entity of the Republic of El Salvador, in connection with a US$580 million offering of notes completed in 2025, which was awarded “Quasi-Sovereign Corporate High-Yield Bond of the Year” during the ceremony.

This matter was led by counsel Arturo Caraballo, partner Whitney Debevoise, and senior associate Valentina Garzon, with tax support from partner David Sausen and associate Lauren Olaya.*

*Ivan Serralde Loyzaga, a visiting attorney from Mexico, also assisted the team with aspects of the transaction. Mr. Serralde is admitted to practice law only in Mexico. He is not engaged in the practice of law in any U.S. jurisdiction.