BNY Mellon has been appointed trustee, registrar, transfer agent, paying agent and securities intermediary for Banco General’s (Panama) $100 million diversified payment rights (DPR) bond issuance, which is the first DPR program in Panama.
“We chose to work with BNY Mellon because of their extensive track record and experience in DPR securitizations and the strong relationship we maintain with them. We are confident they will be a reliable counterparty and responsive throughout the life of the program,” said Francisco Sierra, CFO at Banco General.
“We expect to see an increased interest in DPRs as more issuers seek alternative sources of funding in anticipation of the new regulatory environment of Basel III,” said Hector Herrera, managing director of international and cross border sales at BNY Mellon Corporate Trust. “We are committed to servicing the growing needs of issuers across Central America, and our appointment on this program illustrates the market’s trust in our global capabilities and expertise.”