Capital Markets

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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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.

Driving new opportunities in the real estate sector through the Panamanian capital markets

Capital Markets, Finance, Real Estate, Transactions / By

Congratulations to Aurora SM Ventures, Corp. on the successful placement of its US$55 million corporate bond issuance, registered with the Superintendency of the Securities Market of Panama and listed on Latinex! In this transaction, Alcogal provided legal advice throughout the entire process, which involved Aurora SM Ventures, Corp. as issuer and Multibank, Inc. as structurer. …

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Alcogal advises IDB Invest as anchor investor in Banistmo S.A.’s USD100 million sustainable bond issuance.

Banking, Capital Markets, Finance, Transactions / By

Alcogal acted as Panamanian legal advisor to IDB Invest in its participation as anchor investor in Banistmo S.A.’s sustainable bond issuance for a total amount of USD 100 million. This transaction, which involves the subscription of IDB Invest bonds in Panama’s public securities market, aims to expand access to credit for women-led SMEs and support …

Alcogal advises IDB Invest as anchor investor in Banistmo S.A.’s USD100 million sustainable bond issuance. Read More »

Alcogal acted as legal advisor in the corporate securities issuance of Banco Ficohsa (Panama), S.A., and participated in the bell-ringing ceremony at Latinex.

Banking, Capital Markets, Finance, Transactions / By

Alcogal advised Banco Ficohsa (Panama), S.A. on the registration of its Corporate Securities Revolving Program for up to US$30,000,000.00, structured by Global Bank Corporation. The transaction involved our partner Rafael Marquínez, together with associate Lilah Levin, reaffirming the firm’s commitment to legal excellence in the Panamanian capital markets. Through this engagement, Alcogal strengthens its role …

Alcogal acted as legal advisor in the corporate securities issuance of Banco Ficohsa (Panama), S.A., and participated in the bell-ringing ceremony at Latinex. Read More »