Arias, Fábrega & Fábrega acted as counsel to La Hipotecaria, S.A., Central America’s only full-service, non-banking mortgage company, in connection with its US$40 million issuance of mid-term, multi-series notes, registered with the National Securities Commission of the Republic of Panama and listed on the Panama Stock Exchange.

The notes were secured by a pool of mortgages transferred to a guarantee trust created by La Hipotecaria S.A., as settlor, and BG Trust, Inc., as trustee, and by a guaranty issued by Grupo ASSA, S.A. in favor of the trustee.