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published JANUARY 20, 2010

Shearman & Sterling Advises Underwriters on BNDES Notes Offering

Shearman & Sterling represented the underwriters, led by Barclays Capital Inc. and HSBC Securities (USA) Inc., in a US$1,000,000,000 5.50% notes due 2020 issue by the Brazilian development bank BNDES (Banco Nacional de Desenvolvimento Econômico e Social). The offering was carried out under Rule 144A and Regulation S and has opened the market this year for Latin American issuers. BNDES will use the proceeds to further its business of providing long-term financing for Brazilian industry. The transaction involved three offices (New York, São Paulo and London). Principal attorneys were partners Stuart Fleischmann (Capital Markets-New York), Robert Ellison (Capital Markets-São Paulo) and Julian Tucker (European Finance-London), associate Felipe Camara (Capital Markets-New York) and international associate Fernanda Iacia (Capital Markets-New York).