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Partner, New York
Emil Arca is a partner in the New York office of Hogan Lovells. He represents underwriters, placement agents, issuers, investors, lenders, borrowers, insurers, and other parties in a wide variety of types of structured finance, debt capital markets, project bond, banking, and restructuring transactions in the United States and internationally, particularly in emerging markets. These transactions have originated in about 23 countries, have involved financial institutions and companies in diverse industries, and many have been the first of their type involving the particular structure, asset type, or country. In the period since 2001, eight of these transactions have been recognized by financial industry publications with 19 awards, including "Corporate Finance Deal of the Year" from Latin Lawyer, "Financing Innovation of the Year" and "Structured Finance Deal of the Year" (2014) from Latin Finance, recognition in the Financial Times' 2012 U.S. Innovative Lawyers awards and "Latin American Deal of the Year" (2010) from Euromoney.
Structured finance transactions he has worked on in emerging markets include transactions backed by (a) revenues from operating assets (airports, drillships, mines, toll roads), (b) future flow cross-border assets (airline ticket receivables, credit card merchant vouchers, diversified payment rights, export receivables, oil royalties, and telephone receivables), and (c) existing financial assets (commercial real estate leases, consumer credit card receivables, construction loans, equipment leases, residential mortgage loans, telephone receivables, and vehicle loans and leases).
Debt capital markets transactions in emerging markets he has worked on include investment grade and high yield bonds, perpetual securities, subordinated debt, and commercial paper programs.
U.S. securitization transactions he has worked on include transactions backed by auto loans, equipment leases (aircraft, railcars, and small-ticket equipment), franchise loans, healthcare receivables, insurance premium finance loans, mortgage loans (commercial, multi-family, and residential properties), nonperforming assets, royalties, small business loans, and trade receivables.
- Representation of the underwriters in the establishment of and first (US$2 billion and Reais 2.4 billion) and second (US$1 billion) offerings from the Rio Oil Finance Trust, a master trust holding future oil royalties originally owed to Rioprevidência, the pension plan of the State of Rio de Janeiro. The first offering was the largest structured bond ever offered by an emerging markets issuer.
- Representation of a Guatemalan bank in a senior unsecured debt issuance constituting the largest private sector debt issuance originating in Central America as well as a prior subordinated debt issuance constituting tier II capital.
- Representation of the underwriters in two structured financings by members of the Schahin Group of companies of revenues from drillships chartered to Petrobras.
- Representation of the underwriters in two securitizations of revenues of the Corredor Sur and the Corredor Norte in Panama to enable a governmental entity to reacquire the concession for the toll roads.
Spoken at or moderated programs sponsored by: lawyers organizations (the American Bar Association Section on International Law, the Federalist Society for Law & Public Policy Studies, the International Bar Association, the New York State Bar Association International Law Section); trade associations (the American Securitization Forum, the Asociación Bancaria Salvadoreño, the Brazilian-American Chamber of Commerce, the Federación Latinamericano de Bancos, the Instituto Mexicano de Ejecutivos de Finanzas, the Michigan Mortgage Bankers Association); professional services firms (Duff & Phelps Credit Rating Co., National Information and Credit Evaluation (Korea), PricewaterhouseCoopers); educational institutions, student groups and governmental organizations (the Columbia Latin American Business Law Association, Louisiana State University Law Center, New York University's Federal Taxation Institute, the United States Agency for International Development); and professional publications and conference organizations (Euromoney Seminars, Global Business Research, Information Management Network, International Financial Law Review, the Institute for International Research, LatAm Financial, Latin Finance, Opal Financial, the Strategic Research Institute).
Hogan Lovells Publications
"Summary of key EU and US regulatory developments relating to securitization transactions."
21 November 2014
"SEC Joins Other Federal Regulators in Approving Final Risk-Retention Rule for Securitization Transactions." SEC Update, Hogan Lovells
20 October 2014
"Brazil Creates Covered Bond for the Real Estate Market." Brazil Client Alert, Hogan Lovells
23 February 2015
"Covered Bonds Land in Brazil." IFLR, co-author
"The Future of Project Bonds in Latin America." 3 Harvard Business Law Review Online 187 (2013)
"Proposed Russian Law Would Facilitate Future Flow Deals." Asset Securitization Report, Co-Author
"New ABS Laws: The Impact on Foreign Issuers Tapping U.S. Buyers." Asset Securitization Report, Co-Author
PUBLISHED WORKS PRIOR TO JOINING THE FIRM
"Securitization by Brazilian Issuers in the International Capital Markets," in International Business Transactions with Brazil (Juris Publishing, 2008)
"International Securitisations of Local Assets from Emerging Market Countries," Global Securitisation Review 2006-2007 (Euromoney Yearbooks)
"How To Think About Bankruptcy Risk in Cross-Border Future Flow Transactions After the Avianca Case," The Journal of Structured Finance, vol. 10, no. 4 (Winter 2005)
"Cross-Border Emerging Market Securitizations," Securitization Yearbook 1998 (special supplement to International Financial Law Review June 1998)
"Legal Keys To Future Flows," International Securitization & Structured Finance Report, vol. 1, no. 6 (May 29, 1998)
"Recent Developments in Auto Loan Securitization," Review of Banking and Financial Services, vol. 14, no. 1 (Jan. 7, 1998) (co-authored)
"Cross-Border Securitization," Review of Banking and Financial Services, vol. 12, no. 3 (Feb. 14, 1996)
"Auto Loan Securitization," Review of Banking and Financial Services, vol. 11, no. 13 (July 1995)