Shearman & Sterling was named Sustainable Finance Law Firm of the Year and won four additional awards at the LatinFinance 2022 Deal of the Year Awards. These accolades are testament to Shearman & Sterling's leading work in sustainable financing in Latin America, and to the global law firm's commitment to remaining at the forefront of innovation in ESG financing. The Latin Finance awards dinner took place on January 26th, 2023 in New York City.
The following transactions led by Shearman & Sterling attorneys were recognized by LatinFinance:
- Quasi-Sovereign Liability Management of the Year: Pemex $1bn Exchange & Tender Offer – The Government of Mexico made a capital injection of up to US $3.5 billion in PEMEX, the proceeds of which will be used to fund the exchange and tender offers.
- Equity Follow-On of the Year: Eletrobras $6.89bn Equity Follow-On Offering – This landmark transaction is the largest privatization of a state-owned company in Brazil in the last two decades, the second-ever largest equity offering in Brazil and the second largest share offering in the world in 2022.
- Sovereign Restructuring of the Year: Belize Inaugural $1.2bn Blue Debt Restructuring – This transaction will enable the Government of Belize to reduce its debt burden and strengthen governance frameworks for domestic and high sea fisheries and establish a regulatory framework for coastal blue carbon projects.
- Corporate ESG Deal of the Year: CBC $1.1bn SLB & Exchange – The Central America Bottling Corporation (CBC), CBC Bottling Holdco and Beliv Holdco used the proceeds from the notes offering to purchase the 2027 notes tendered pursuant to the Tender Offer (and pay related expenses thereunder), to redeem any 2027 notes not tendered, to refinance other existing indebtedness and for general corporate purposes, including potential acquisitions.
"It is truly an honor for Shearman & Sterling to be recognized by LatinFinance with these accolades. From the mature green bond market to the rapid rise of social bonds, our Latin American team supports our clients in navigating the constantly evolving world of ESG-related financings. We have advised sovereigns, financial institutions and corporates in over a dozen of the region's most important sustainable financings, and these awards underscore our great work in the space," said Grissel Mercado, Capital Markets partner at Shearman & Sterling.
In December 2022, Shearman & Sterling attorneys participated in the writing and editing of Latin Lawyer's Guide to Environmental, Social and Corporate Governance. The firm's attorneys wrote two of the chapters in addition to reviewing and editing this landmark handbook.