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Morgan & Morgan provides legal counsel to Banco La Hipotecaria, S.A. in cross-border securitization of mortgage loans and public offer of mortgage bonds for an amount of up to US$100,000,000.00

Monday, 15 November 2010 / Published in Francisco Arias, Ricardo Arias, Roberto Vidal, Securities and Capital Markets

Morgan & Morgan provides legal counsel to Banco La Hipotecaria, S.A. in cross-border securitization of mortgage loans and public offer of mortgage bonds for an amount of up to US$100,000,000.00

Banco La Hipotecaria, S.A., in its capacity as trustee of the Tenth Mortgage Loan Notes Trust, registered before the National Securities Commission of the Republic of Panama mortgage loan notes in two series, knowingly, Series A Notes and Series B Notes for an amount of up to US$100,000,000.00, which were placed successfully through the Panama Stock Exchange, S.A.

Payments due to the holders of such notes are guaranteed by a collateral trust constituted under the laws of the Republic of Panama and composed mostly of mortgage loans granted to borrowers in Panama.

Said mortgage loans were granted by Banco La Hipotecaria, S.A., a company authorized by the Superintendency of Banks to engage in the banking and trust business in Panama, and assigned by said bank to the aforementioned collateral trust, whose trustee is BG Trust, Inc., an affiliate company of Banco General, S.A..

Morgan & Morgan acted on behalf of Banco La Hipotecaria, S.A. through Francisco Arias, leader of the practice group composed also by Ricardo Arias and Roberto Vidal.

Most of the Series A Notes were placed privately and directly among investors located in the United States of America.

To such end, the following law firms cooperated in this transaction: Hicks Park LLP (Michael duQuesnay), legal counsel of Banco La Hipotecaria, S.A. in the United States of America; Arias, Fabrega & Fabrega (Cecilio Castillero), acting for the local trustee, BG Trust, S.A.; Clifford Chance US LLP (Edgard Alvarez) and Adames, Duran y Alfaro (Nadiuska Lopez), on behalf of Overseas Private Investment Corporation, guarantor of the structure in the United States of America; and on behalf of other participants in the transaction, the US firms Richards, Layton & Finger, P.A. (J. Weston Peterson) and Katten Muchin Rosenman LLP (Chris Diangelo).

The Series A Notes offered to the public as a result of this transaction obtained a BBB international credit rating from Fitch Ratings Inc., a credit rating agency.

Banco La Hipotecaria, S.A., actuando en su calidad de fiduciario del Décimo Fideicomiso de Bonos de Préstamos Hipotecarios, registró ante la Comisión Nacional de Valores de la República de Panamá unos bonos de préstamos hipotecarios, en dos series, Bonos Serie A y Bonos Serie B, por un monto de hasta US$100,000,000.00, los cuales fueron colocados 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 préstamos hipotecarios otorgados a deudores en Panamá. Dichos préstamos hipotecarios fueron originados por Banco La Hipotecaria, S.A., una compañía autorizada por la Superintendencia de Bancos para llevar a cabo el negocio bancario y fiduciario en Panamá, y cedidos por esta empresa al fideicomiso de garantía antes mencionado, cuyo fiduciario es BG Trust, Inc., una sociedad afiliada al Banco General.

En nombre de Banco La Hipotecaria, S.A. actuó Morgan & Morgan a través de Francisco Arias G., líder del equipo integrado por Ricardo Arias y Roberto Vidal.

La mayoría de los Bonos Serie A fueron colocados indirectamente y de forma privada entre inversionistas ubicados en los Estados Unidos de América. Por ello, colaboraron en la transacción las firmas de abogados Hicks Park LLP (Michael duQuesnay), asesores legales de Banco La Hipotecaria, S.A. en los Estados Unidos de América, así como con Arias Fábrega & Fábrega (Cecilio Castillero) actuando por el fiduciario local BG Trust, S.A.; Clifford Chance US LLP (Edgard Alvarez) y Adames, Durán y Alfaro (Nadiuska López) actuando en nombre de Overseas Private Investment Corporation, como garante de la estructura en los Estados Unidos de América; y en representación de otros participantes en la transacción las firmas norteamericanas Richards, Layton & Finger, P.A. (J. Weston Peterson), Katten Muchin Rosenman LLP (Chris Diangelo).

Los Bonos Serie A ofrecidos al público inversionista como resultado de esta transacción obtuvieron un grado de calificación internacional de riesgo de BBB de Fitch Ratings Inc., una entidad calificadora de riesgo.

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