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MMG Tower, 23rd Floor Ave. Paseo del Mar, Costa del Este Panama City Rep. of Panama

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Morgan & Morgan advised La Hipotecaria Bank, SA in relation to a securitization and public offering of mortgage loan bonds for an amount of up to US$ 45 million

Friday, 26 April 2013 / Published in Banking Law, Carlos Arturo Hoyos, expertise, Francisco Arias, Ricardo Arias, Roberto Vidal, Securities and Capital Markets

Morgan & Morgan advised La Hipotecaria Bank, SA in relation to a securitization and public offering of mortgage loan bonds for an amount of up to US$ 45 million

La Hipotecaria Bank, SA, acting as trustee of the Eleventh Mortgage Loans Bonds Trust registered with the Superintendency of Securities of the Republic of Panama mortgage loan bonds in three series up to an amount of US $45,000,000.00, which were successfully placed through the Panama Stock Exchange, SA. The payments to the holders of such bonds are backed by a guarantee trust organized under the laws of the Republic of Panama and composed primarily of mortgage loans to borrowers in El Salvador by La Hipotecaria, SA de CV, a corporation organized under the laws of the Republic of El Salvador and affiliate of La Hipotecaria Bank, SA, dedicated to grant loans in El Salvador.

This transaction was a cross-border securitization since the mortgage loans were transferred by La Hipotecaria, SA de CV, a guarantee trust organized under the laws of the Republic of Panama and whose trustee is BG Trust, Inc., an affiliate of Banco General and authorized by the Superintendency of Banks to conduct fiduciary business in Panama.

The Series A Bonds offered to the investing public as a result of this transaction obtained an AAA risk rating granted by risk rating agencies with great experience and excellent reputation. The majority of the Series A Bonds were purchased by a trust established under the laws of the State of Delaware and whose trustee is Citigroup Trust-Delaware, NA.  Payment of the principal and interest on the Series A Bonds to said Trut is secured additionally by a guarantee given by The Overseas Private Investment Company (OPIC), an agency of the government of the United States of America. The B and C series bonds were purchased by local investors.

For these purposes, the lawyers involved on behalf of Morgan & Morgan collaborated with professionals from different jurisdictions, including the Dr. Francisco Armando Arias Law Firm, legal advisers of La Hipotecaria, SA de CV in El Salvador; Arias, Fabrega & Fabrega and Lexincorp, Panamanian and Salvadoran attorneys, respectively, of BG Trust, Inc.; Adames Duran Alfaro & Lopez and Clifford Chance, Panamanian and U.S. legal advisors, respectively, of OPIC; and Katten Muchin Rosenman LLP, U.S. attorneys of La Hipotecaria Bank, SA.

Morgan & Morgan advised La Hipotecaria Bank, SA in this important transaction. Partner Francisco Arias G., and associates Ricardo Arias, Roberto Vidal and Carlos Arturo Hoyos, participated in the transaction.

Banco La Hipotecaria, S.A., actuando en su calidad de fiduciario del Décimo Primer Fideicomiso de Bonos de Préstamos Hipotecarios, registró ante la Superintendencia del Mercado de Valores de la República de Panamá bonos de préstamos hipotecarios en tres series hasta por un monto de US$45,000,000.00, los cuales fueron colocadas con éxito a través de la Bolsa de Valores de Panamá, S.A.  Los pagos debidos a los tenedores de dichos bonos se encuentran respaldados por un fideicomiso de garantía constituido bajo las leyes de la República de Panamá y compuesto principalmente de créditos hipotecarios otorgados a deudores en El Salvador por La Hipotecaria, S.A. de C.V., una sociedad constituida bajo las leyes de la República de El Salvador y empresa afiliada  de Banco La Hipotecaria, S.A., que se dedica a originar préstamos en El Salvador.

Esta transacción fue una titularización tras-fronteriza ya que los préstamos hipotecarios fueron cedidos por La Hipotecaria, S.A. de C.V., a un fideicomiso de garantía constituido bajo las leyes de la República de Panamá y cuyo fiduciario es BG Trust, Inc., una sociedad afiliada al Banco General y que está autorizada por la Superintendencia de Bancos para llevar a cabo el negocio fiduciario en Panamá.

Los Bonos Serie A ofrecidos al público inversionista como resultado de esta transacción obtuvieron un grado de calificación de riesgo AAA por entidades calificadoras de riesgo de mucha trayectoria y excelente reputación.  La mayoría de los Bonos Serie A fueron adquiridos por un fideicomiso constituido bajo las leyes del Estado de Delaware y cuyo fiduciario es Citigroup Trust-Delaware, N.A.  El pago del capital e intereses de los Bonos Serie A al fideicomiso antedicho está asegurado, adicionalmente, por una garantía otorgada por The Overseas Private Investment Company (OPIC), una agencia del gobierno de los Estados Unidos de América.  Los Bonos Serie B y Serie C fueron comprados por inversionistas locales.

Para estos efectos, los abogados involucrados por parte de Morgan & Morgan colaboraron con profesionales de distintas jurisdicciones, incluyendo, el Bufete Dr. Francisco Armando Arias, asesores legales de La Hipotecaria, S.A. de C.V en El Salvador; Arias, Fábrega & Fábrega y Lexincorp, abogados panameños y salvadoreños, respectivamente, de BG Trust, Inc.; Adames, Durán, Alfaro & López y Clifford Chance, asesores legales panameños y estadounidenses, respectivamente, de OPIC; y Katten Muchin Rosenman LLP, abogados estadounidenses de Banco La Hipotecaria, S.A.

Morgan & Morgan asesoró a Banco La Hipotecaria, S.A. en esta importante transacción. Francisco Arias G., socio de la firma, y Ricardo Arias, Roberto Vidal y Carlos Arturo Hoyos, asociados de la firma, participaron en la transacción.

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