Hogan Lovells advises on inaugural DPR program in Ecuador

New York, 28 February 2020 – International law firm Hogan Lovells advised Banco del Pacífico S.A. (BdP) on the establishment of, and first issuance under, its diversified payment rights (DPR) securitization program. This was the first DPR program ever established in Ecuador.

BdP raised US$195 million in the issuance. In connection with the transaction, BdP sold its rights and title to certain future DPRs to a Cayman Islands special purpose vehicle, which in turn issued debt secured by the DPRs. The transaction closed on 20 February.

The Hogan Lovells team was led by a New York-based team that included Finance partner Emil Arca, senior associate Flavio Averbug, associate Lauren Kimmel, and law clerk Caylyn Perry. Hogan Lovells lawyers have worked extensively 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.

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