FERRERE advised Ueno Bank S.A. on its landmark first international bond issuance of USD 350 million, carried out in international capital markets under Rule 144A and Regulation S. The transaction consisted of an issuance of 6.7% senior unsecured notes due 2031.
The offering was launched on February 26, 2026, priced on March 3, 2026, and closed on March 6, 2026. BofA Securities Inc. and J.P. Morgan Securities LLC acted as initial purchasers and joint bookrunners in the transaction.
Ueno Bank is the first digital bank in Paraguay and has established a significant and growing presence in the Paraguayan market. The transaction marks Ueno Bank’s debut in international capital markets, representing an important milestone both for the institution and for Paraguay’s financial system, and contributing to further strengthening the country’s presence in international capital markets.
FERRERE accompanied Ueno Bank throughout the entire preparation and execution process for the transaction, providing comprehensive advice on all Paraguayan law aspects related to the issuance. The firm’s team worked closely with the bank on analysis of the applicable regulatory framework, structuring of the transaction, and preparation of the documentation required to carry out the offering in international markets, while also providing strategic support throughout the process.
The FERRERE team was led by partners Carlos Codas and Verónica Franco, together with a broad group of practitioners including Fernanda Benítez, Marcelo Rodríguez, Kristel Duarte, Tiago Marín and Manfred Heyn. The transaction’s tax aspects were handled by partner Érika Bañuelos and the firm’s tax team.