Rubio, Leguia, Normand advised Credicorp Capital Sociedad Titulizora S.A. in the first issuance of securitization bonds whose originator was the Metropolitan Municipality of Lima for PEN 1'205,000,000 (approximately USD 325,000,000) maturing in 2024 and which are part of an emission program for up to PEN 4'000,000,000 (approximately USD 1'080,000,000).
The issuance of these bonds is backed by real estate transfers (alcabala) and property of vehicles taxes, and their funds will serve to execute the infrastructure investment plans in the city of Lima.
This transaction is of special importance to the extent that it is the largest of the year in local currency. This milestone takes much more relevance to be a local municipality that acts as originator (originador) (with all the regulatory and budgetary burden that this implies), and, in addition, because it is a transaction that involved various actors and advisors both in Peru and in New York.
The closing date (settlement) of the transaction occurred on December 27, 2023 and included the participation of other local law firms (in addition to Rubio, was Garrigues, Lazo Abogados and Estudio Muñiz) and foreign lawyers (Shearman & Stearling, Cleary Gottlieb and Milbank).
Transaction Value
PEN 1’205,000,000 (first issuance) y PEN 4’000,000,000 (issuance program)
Closing Date
Diciembre, 2023
Comments
“This bond program will not only strengthen the financial capacity of the municipality but will also establish a transformative precedent in the country's financial structuring. Our dedication to innovative legal solutions reinforces our reputation as leaders in legal advice in national and international transactions.”
Rubio, Leguía, Normand Team
Participating Firms
Credicorp Capital Sociedad Titulizadora
Rubio, Leguia, Normand
Sherman & Sterling
Initial Purchaser:
Garrigues Perú
Cleary Gottlieb
Guarantor:
Lazo Abogados
Estudio Muñiz
Milbank
Lawyers that participated in the Transaction
Rubio, Leguia, Normand
Andrés Kuan-Veng – Partner
Gerardo Guzmán – Partner
Jorge Dávila - Partner
Luis Miguel Garrido – Senior Associate