DEAL OF THE YEAR: Structured Financing

DEAL OF THE YEAR: Structured Financing

Panama Bonds Structured Finance Corporate & Sovereign Strategy

Investors with active imaginations have long wondered when covered bonds would be used in Latin America. Several countries in the region have had active mortgage markets, some even tied to dollars, with mortgage-backed bonds and for many years had been thought of as ripe for a covered issuance. Bringing the first deal was not easy, and in the end the pioneer was not one of the region’s giants, or even the largest lender in its own country. But Panama’s Global Bank has laid the framework for others to follow, and its $200 million sale was the first covered bond anywhere in the emerging markets beyond Korea. “It’s more than a covered bond,” says Carlos Mendoza, co-head of LatAm DCM at Deut

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