Alcogal advised Panama Commercial Properties, S.A. on its debut in the local capital markets, through a corporate bond issuance for up to USD 75 million, authorized by the Superintendence of the Securities Market through Resolution SMV-10-26 dated January 12, 2026, and listed on the Latin American Stock Exchange (Latinex).
With more than a decade of experience in the commercial real estate sector in Panama, the company holds a diversified portfolio of shopping centers, food courts, and office buildings in strategic locations across the country.
The issuance contemplates a structure with senior and subordinated tranches, in which the senior bonds are backed by a guarantee 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.