Hogan Lovells advises Assured Guaranty on bond issuance in Latin America

Hogan Lovells has counselled Assured Guaranty on the issuance of the first social infrastructure bond in Latin America

 Global law firm Hogan Lovells, has advised Assured Guaranty Municipal Corporation as underwriter and US sponsor of a social bond issue by Patrimonio Autónomo Montes de María. The issue had a value of 760,000 million Colombian pesos.

This is the first bond guaranteed by the US Development Finance Corporation and the first social bond related to an infrastructure project in Latin America.

Part of the bond proceeds were used to refinance the Mini-Perm loan obtained by Sociedad Concesionaria Vial Montes de María in December 2019, which is developing the Puerta de Hierro toll road project. This project will connect the Colombian cities and ports of Barranquilla and Cartagena, over 192.6 kilometres. The rest of the proceeds will be used to complete the construction of the highway. 

Hogan Lovells’ team was led by Houston partner David Locascio (pictured left), among with counsel Kyle Hamilton (pictured right), also based in the firm’s Houston office.