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Clifford Chance

Clifford Chance
Mariana Estévez

Mariana Estévez


Mariana Estévez

Mariana Estévez experience has focused primarily on hybrid financings and debt capital markets transactions in Latin America.

Mariana’s experience includes representing domestic and international financial institutions applying innovative structures, such as securitizations and bank-bond structures, to finance energy and infrastructure projects throughout Latin America. She also has extensive experience representing issuers and financial institutions acting as initial purchasers or placement agents in high yield and investment grade debt offerings and liability management transactions by corporates, sovereigns and quasi-sovereigns in Latin America.

  • Clifford Chance recognized as Latin Lawyer International Elite 2024 firm
    Clifford Chance has been recognized by legal industry publication Latin Lawyer as one of eight International Elite 2024 firms.
    29 August 2023
  • BofA Securities, as Global Coordinator, Sole Bookrunner and Social Bond Structuring Agent on the Republic of Guatelmala's US$1.2 billion sovereign dual-tranche bond issuance, including a social bond tranche consisting of US$500,000,000 aggregate principal amount of 5.375% Notes due 2032, the first Latin American sovereign bond used to fund COVID-19 prevention, containment and mitigation efforts and the first sovereign social bond without a multilateral guarantee.
  • Goldman Sachs on the hybrid financing for the construction of the first toll road (Rutas 2 y 7) awarded under the PPP scheme in Paraguay, which included a forward purchase agreement, a Rule 144A/Reg S securitization of government receivables and the first ever letter of credit facility by IDB Invest to facilitate working capital advances from the bond proceeds. This project was the largest-ever private investment in Paraguayan infrastructure.
  • Goldman Sachs & Co. LLC as Global Coordinator, Bookrunner and Social Bond Structuring Agent in connection with Ecuador's issuance of a US$400 million social bond and as Placement Agent and Initial Purchaser in connection with its repackaging, Social bond of the year (sovereign), Environmental Finance 2020; Award for Innovation, Bond Structure (Social), Environmental Finance 2020
  • The Republic of Costa Rica on the issuance pursuant to Rule 144A and Regulation S of its U.S.$1.2 billion 6.125% Notes due 2031 and a U.S.$300 million reopening of its 7.158% Notes due 2045.
  • UBS (as structurer, sole bookrunner and initial purchaser) on the US$732.2 million financing for the Loma Plata – Carmelo Peralta segment of the Corredor Bioceanico road in Paraguay, which was the first-ever securitization of government receivables out of Paraguay; Bond of the Year, Latin Finance Awards 2019
  • Empresas Públicas de Medellín on the issuance pursuant to Rule 144A and Regulation S of U.S.$1.0 billion of its 4.250% Senior Notes due 2029, a COP1.230 trillion reopening of its 8.375% Senior Notes due 2027 and a concurrent offer to purchase any and all of its 8.375% Notes due 2021, the first ever tender offer for Colombian peso-denominated DTC-clearing bonds.
  • Various international financial institutions on four letter of credit facilities for an aggregate U.S.$85.3 million provided for the construction of Corredores Nacionales Viales E and F in Argentina.
  • Goldman Sachs (as initial purchaser), and Bancolombia, FDN and the CAF-AM Ashmore Debt Fund (as senior lenders) in the approximately US$708 million multi-source and multi-currency financing for the Ruta al Mar toll road project in Colombia, which included a combination of Rule 144A/Reg S COP bonds indexed to the UVR, and COP and UVR commercial bank and debt fund loans. Ruta al Mar is the first private initiative to be financed under Colombia's 4G program and is also the first toll road to be financed in Colombia based entirely on traffic revenues; Transport Deal of the Year, IJGlobal Awards 2017
  • Citibank as remarketing agent on two two-stage restructurings of approximately US$680 million in commercial obligations of La Empresa de Hidrocarburos Petroamazonas EP through the issuance of short-term Notes guaranteed by the Republic of Ecuador and their subsequent remarketing under Rule 144A and Reg S
  • Citibank as initial purchaser with respect to a Rule 144A and Reg S project bond used to refinance the Ruta 27 toll road in Costa Rica. This was the first time a Costa Rican entity operating an infrastructure asset issued project finance-style bonds, and the first time also that both bonds were issued simultaneously for a Costa Rican issuer; Best Infrastructure Financing: Central America, Latin Finance Awards 2017.

News and client work

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Contact details

Career and qualifications

  • Dartmouth College (AB, Asian and Middle Eastern Languages and Literatures - Chinese) 2011
  • Duke University School of Law (JD/LLM, International and Comparative Law) 2015
  • Joined Clifford Chance 2015
  • Admitted as an Attorney-at-Law in New York 2016
  • Partner since May 2023

Awards and citations

  • Rising Star
    Legal 500 Latin America 2022: Capital Markets – International Firms
  • Rising Star
    The Legal 500 Latin America 2020: International Firms – Capital Markets