Rebaza, Alcázar & De Las Casas and Paul Hastings LLP advised the Republic of Peru, as issuer, in a debt operation through the issuance of global social bonds amounting to €1 billion, due in 2036.

The underwriters -BNP Paribas, Merrill Lynch International, J.P. Morgan Securities plc and Morgan Stanley & Co International plc- were advised by Shearman & Sterling and Payet, Rey, Cauví, Peréz Abogados.

It is Peru’s intention to invest an amount equal to the proceeds from the sale of the bonds in expenditures that may qualify as “eligible social expenditures”: support for vulnerable groups and people in vulnerable situations, as defined by the Household Targeting System (Sistema de Focalización de Hogares - SISFOH); access to affordable housing, education and essential health services; and support for Micro, Small and Medium-sized Enterprises (MIPYMES) and social programs to alleviate and/or prevent unemployment.

The success of this second Peruvian bond placement again shows the interest of international investors in Peru's macroeconomic fundamentals, being the second sustainable bond issuance in less than a month.