Global law firm Hogan Lovells advised Banco Bolivariano C.A. in its inaugural issuance under its diversified payment rights (DPR) program. The deal is valued at US$100 million.
The notes were issued by Bolivariano DPR Limited. Citibank served as the Program Agent, Escrow Agent, and Securities Intermediary.
The Hogan Lovells team was led by partner Emil Arca (New York), senior associate Lauren Kimmel (New York), and law clerk Pablo Castiella (New York/Philadelphia).
Hogan Lovells has served as counsel in the establishment of all eight DPR and merchant voucher receivables (MVR) programs in Ecuador, which span across six banks in the country.
Hogan Lovells lawyers have worked on future flow securitizations for banks in emerging markets since the inception of such products over 30 years ago, including the first DPR securitization anywhere in the world, and the first one in Latin America over 20 years ago.
