Sovereign Debt & Public Sector Finance

In 2005, Bruchou & Funes de Rioja was sole Argentine counsel to the dealer managers in the 76% restructuring of the Republic of Argentina’s sovereign debt for an amount of US$ 88 billion, the until then biggest financial restructuring in the history of the financial markets, and in 2016 the Firm advised the initial purchasers in the US$ 16.5 billion bond issuance of the Republic of Argentina, the largest ever bond issuance by an emerging market economy, giving an end to Argentina’s 15 years of default. Additionally, in 2017, Bruchou & Funes de Rioja was sole Argentine counsel to the joint bookrunners in the first 100 year bond issuance of the Republic of Argentina for a total amount of US$ 2.75 billion, and in 2018 the Firm also provided legal advice to the joint bookrunners in a sovereign issuance for US$ 9 billion.

During 2015, Bruchou & Funes de Rioja advised, among others, Banco Macro S.A. and Macro Securities S.A. in the issuance of bonds by the Province of Salta for an aggregate amount of AR$ 250 million (approximately US$ 28.1 million), BofA Merrill Lynch, HSBC and J.P. Morgan in the issuance of bonds by the City of Buenos Aires for an aggregate amount of US$ 500 million, and BNP Paribas Securities Corp., Merrill Lynch, Pierce, Fenner & Smith Incorporated, BNP Paribas Sucursal Buenos Aires and Merrill Lynch Argentina S.A. in the issuance of bonds by the Province of Buenos Aires for an aggregate amount of approximately US$ 899.5 million, of which approximately US$ 399.5 million corresponded to the exchange of debt securities.

In 2014, Bruchou & Funes de Rioja advised China Development Bank Corporation and Industrial and Commercial Bank of China Limited in a credit facility agreement for an amount of up to US$ 2,099,965,834 entered into with The Ministry of Economy and Public Finance of the Republic of Argentina (Ministerio de Economía y Finanzas Públicas de la República Argentina) on behalf of the Republic of Argentina, and China Export & Credit Insurance Corporation (SINOSURE), with the purpose of financing a rehabilitation project of the Belgrano Cargas railway line by financing direct payments in the course of a commercial contract between The Ministry of the Interior and Transport of the Republic of Argentina (Ministerio del Interior y Transporte de la República Argentina) and China Machinery Engineering Corporation. Additionally, Bruchou advised a syndicate of Chinese banks lead by China Development Bank Corporation and composed by Bank of China Limited and ICBC (Industrial and Commercial Bank of China Limited) in a US$ 4,714,350,000 15-year loan granted to the Republic Argentina for the construction of hydroelectric dams in the Province of Santa Cruz, secured by security assignments of funds under power purchase agreements and security assignments of certain insurance policies.

Relevant Transactions