Hogan Lovells advises Ecuadorian bank on US$87.5 million inaugural DPR program issuance

New York, 3 January 2022 – Global law firm Hogan Lovells and Robalino Abogados in Quito, Ecuador advised Banco del Austro S.A. on the establishment of, and first issuance from, its diversified payment rights (DPR) securitization program. The US$87.5 million Series 2021-1 Notes were issued by Cuenca DPR, the program’s special purpose company issuer. Hogan Lovells has now advised on all five future flow securitization programs established by Ecuadorian banks to date, three of them DPR programs and two of them credit card merchant voucher programs.

The Hogan Lovells team was led by New York capital markets partner Emil Arca and associates Lauren Kimmel and Juan D. Moreno. 

Hogan Lovells lawyers have worked on future flow securitizations for banks in emerging markets since the inception of such products almost 30 years ago, including the first DPR securitization anywhere in the world, and the first one in Latin America about 20 years ago. In February 2020, a team led by Arca, which included Kimmel, advised Banco del Pacífico S.A. on the establishment of, and first issuance under, its DPR securitization program – the first DPR program ever established in Ecuador.

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