Morgan & Morgan Advises HSBC Investment in USD 500 Million Bond Issuance
January, 2013 - Panama, Panama
Morgan & Morgan acted as Panamanian counsel to the local guarantee trustee, HSBC Investment Corporation (Panama), S.A., as holder of the local security guaranteeing the issue by Global Bank Corporation’s USD 500 million covered bond program.
Global Bank Corporation will issue the bonds which will be guaranteed by a cover pool comprised of Panamanian residential mortgages and some preferential rate mortgages with associated fiscal credits; all denominated in US dollars and transferred as part of the trust assets under the local guaranty trust. Global Bank Corporation's obligations under the covered bonds are direct, unconditional, and unsubordinated obligations, primarily secured by cash flows from mortgages granted by the entity in Panama. The transaction was issued under Rule 144-A placement and was registered and listed in the Irish Stock Exchange.
The Morgan & Morgan team advising HSBC Investment Corporation (Panama), S.A. was comprised by partner Inocencio Galindo and associate Kharla Aizpurúa Olmos.
