Hernández & Cía has advised Intercorp’s group members, Inteligo Sociedad Agente de Bolsa S.A. (Inteligo SAB) and Internacional de Titulos Sociedad Titulizadora S.A.(Intertitulos), on the structuring of the first program of securitized bonds by private offering for $30m in the circulation (the program), as well as on the placement of the first issuance exclusively aimed at Peruvian institutional investors, including high net-worth individuals
This program constitutes a new investment alternative in the Peruvian market for purchasers of securizated bonds, considering that the obtained resources through the placement of the securitized bond issued under the program will be invested by Inteligo SAB, as portfolio manager under the Securitization Trust, in a series of local and foreign investments instruments.
“The high liquidity that is currently present in the Peruvian market (mainly high net-worth individuals) is opening again the window to new sophisticated legal and financial structures, which includes securitization of assets, local and/or foreign, the use of alternative investments and the implementation of unusual structures. These structures always bring important legal challenges and demanding work which seeks to correctly articulate the interests of the arranger, the issuer, the investors, the custody institutions and the clearing houses, among other players,” said Diego Carrión, partner at Hernández & Cía. Abogados.
Inteligo SAB acted as originator/trustor, arranger and placement agent and will be the portfolio manager of the investments throughout its term; Interlitulos acted as trustee and issuer. The placement of the first issuance was on November 14th.
Hernández & Cía served as legal counsel with a team led by partners Diego Carrión and Fernando Núñez and assisted by associate Harold Callo.