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A&O Shearman represents trustee and issuer on PEN1.3 billion securitization by the Metropolitan Municipality of Lima

A&O Shearman represents trustee and issuer on PEN1.3 billion securitization by the Metropolitan Municipality of Lima
Published Date
Jun 20 2025
A&O Shearman represented the trustee and issuer on behalf of the special purpose vehicle in the structuring of a new securitization program originated by the Metropolitan Municipality of Lima for the issuance of Peruvian law-governed bonds, and in the first issuance thereunder of PEN1.3 bn (approximately USD358.1 million).

The program is backstopped with the cashflows of certain taxes of Lima (FONCOMUN, Predial, and Casino and Slot Machine taxes). Additionally, Lima has granted a Peruvian law-governed guarantee to cover potential shortfalls in specific trust related accounts. The bonds are denominated in Peruvian soles, payable in U.S. dollars and clear through the DTC system. Lima intends to use the proceeds of the bonds to finance its development program, including several infrastructure projects.

The A&O Shearman team was led by Capital Markets partner Alejandro A. Gordano alongside Capital Markets associate Gonzalo Robles and visiting attorney Regina Odar.

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