S&C Advises Underwriters on $3 Billion Landmark ‘Formosa’ offering by United Mexican States

February 8, 2021

On January 19, the United Mexican States completed a $3 billion global note offering, the first ever SEC-registered Formosa offering by a foreign sovereign government. Formosa bonds are denominated in foreign currency and listed on the Taipei Exchange. This bonds are also listed on the Luxembourg Stock Exchange and admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange.

S&C, which acts as regular underwriters' counsel in offerings by the United Mexican States, represented the joint bookrunners: Deutsche Bank AG, Taipei Branch; Goldman Sachs (Asia) L.L.C., Taipei Branch; HSBC Bank (Taiwan) Limited; and Morgan Stanley Taiwan Limited.

The S&C team advising the bookrunners was led by Christopher Mann and included Joaquin Perez Alati. Jeffrey Hochberg advised on U.S. tax matters. Patrick Brown, Catherine Clarkin, of counsel Robert Risoleo and special counsel Paul McElroy advised on Securities and Exchange Commission matters.

S&C also advised the underwriters on a €1.5 billion global note offering by the United Mexican States, its first euro-denominated liability management transaction since 2013, that was completed on January 25. That team consisted of Christopher Mann, Werner Ahlers, special counsel Paul McElroy and Joaquin Perez Alati. Jeffrey Hochberg and special counsel Saul Brander advised on U.S. tax matters.