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 experience in Panama’s commercial real estate sector, the company holds a diversified portfolio of shopping centers, food courts, and office buildings in strategic locations across the country.
The issuance features a structure with senior and subordinated tranches, in which the senior bonds are backed by a guaranty trust over commercial real estate assets.
Insignia Financial, Corp. and Banco General, S.A. participated as structurer and paying, registration, and transfer agent, respectively.
The advisory team was led by partner Rafael Marquínez, together with associates Rafael Amar and Lilah Levin, and legal assistant Lia Díaz.