Company Profile
Cross-border mortgage loan securitization activities
In 2007 La Hipotecaria became the first institution in Latin America to issue a cross-border residential mortgage-backed security structured under the rule 144A, Regulation S of the Securities and Exchange Commission of the United States of America. The senior notes of this issuance were the first Panamanian securities issued in international markets to breach the country’s sovereign ceiling and obtain an international investment grade rating from Fitch Ratings, Standard & Poors and Moodys Investor Services. Since that date La Hipotecaria has issued three additional cross-border RMBS in the years 2010, 2013 and 2014. With the inclusion of a financial guarantee policy issued by the the U.S. International Development Finance Corporation (previously the Overseas Private Investment Corporation (OPIC)) on four of its cross-border issuances, the senior notes achieved a AAA rating by Fitch Ratings on a global scale. All La Hipotecaria RMBS have been acquired by regional and international institutional investors and to date, all are performing as originally projected. (See Securitizations).