Alcogal

New issuance boosts momentum in the real estate sector within the capital markets

Capital Markets, Finance, Real Estate, Transactions / By

We advised Panama Commercial Properties, S.A. on its debut in the local capital markets, through a corporate bond issuance of up to USD 75 million, authorized by the Superintendency of the Securities Market under Resolution SMV-10-26 of January 12, 2026, and listed on the Latin American Stock Exchange (Latinex). With more than a decade of …

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Legal advice to Elektra Noroeste S.A.

Capital Markets, Energy and Natural Resources, Finance, Transactions, Transactions / By

We acted as Panamanian legal counsel to Elektra Noreste, S.A. (ENSA) on the registration, before the Superintendency of the Securities Market of Panama, of its Revolving Corporate Securities Program for an amount of up to US$300,000,000.00, listed on the Latin American Stock Exchange (Latinex). The Program, with a ten-year term, provides for the issuance of …

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Corporate bonds of Desarrollos Comerciales, S.A.

Capital Markets, Finance, Real Estate, Transactions / By

We are pleased to announce that we advised on the structuring, registration, and listing of the Corporate Bond Issuance of Desarrollos Comerciales, S.A., for an amount of up to USD 104 million, registered with the Superintendency of the Securities Market of Panama and listed on the Latin American Stock Exchange. This issuance represents one of …

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Milestone in the Panamanian banking sector

Banking, Corporate and M&A, Transactions / By

BAC International Corporation successfully completed the acquisition of 99.57% of Multi Financial Group, Inc. — the holding company of Multibank — one of the most significant transactions in Panama’s financial market. Alcogal served as Panamanian legal counsel, covering all corporate, banking, and regulatory aspects. Led by partners Rafael Marquínez and Patricia Cordero.

Alcogal advises structured financing for the tunnel of Panama Metro Line 3

Finance, Infrastructure, Transactions / By

Alcogal advised the HPH Joint Venture Consortium — composed of Hyundai Engineering & Construction Co., POSCO E&C, and Hyundai Engineering Co. — in the financing of the Panama Metro Line 3 tunnel, part of an approx. USD 1.6 billion structure. Team: Arturo Gerbaud, Rita de la Guardia, Patricia Cordero, Rafael Amar, Lilah Levin, and Victoria …

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Alcogal advises Grupo Cibest on the sale of Banistmo

Banking, Capital Markets, Corporate and M&A, Transactions / By

Alcogal acted as legal advisor to Grupo Cibest S.A. in connection with the execution of a promise to purchase and sell agreement for the sale of 100% of the shares of Banistmo, S.A., one of Panama’s most significant financial institutions. The transaction was agreed with Inversiones Cuscatlán Centroamérica S.A., a financial group with a strong …

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Alcogal advises The Bank of Nova Scotia in a strategic transaction that is reshaping regional banking.

Banking, Capital Markets, Finance, Transactions / By

We are proud to announce that we have supported our client, The Bank of Nova Scotia, in the successful closing of the integration of its operations in Colombia, Costa Rica, and Panama with Banco Davivienda. This transaction required a strategic approach and the involvement of a multidisciplinary Alcogal team. The integration will significantly strengthen Banco …

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Impulsando nuevas oportunidades en el sector inmobiliario a través del mercado de capitales panameño

Capital Markets, Real Estate, Transactions / By

Alcogal brindó asesoría legal a Aurora SM Ventures, Corp. en la exitosa colocación de su emisión de bonos corporativos por US$55 millones, registrada ante la Superintendencia del Mercado de Valores de Panamá y listada en Latinex. Multibank, Inc. actuó como estructurador. El trabajo legal fue liderado por el socio Rafael Marquínez, junto con Lilah Levin …

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Alcogal advises BofA Securities and J.P. Morgan in Mobiliare LatAm’s landmark USD 500 million international issuance

Capital Markets, Real Estate, Transactions / By

Alcogal advised BofA Securities and J.P. Morgan in Mobiliare LatAm’s inaugural USD 500 million senior bond issuance due 2032, issued under Rule 144A/Reg S — the largest issuance by a Latin American real estate C-Corp in more than a decade. Led by Arturo Gerbaud, Rafael Marquínez, Rita de la Guardia, Rafael Amar, and Lilah Levin.