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Hogan Lovells US LLP

875 THIRD AVENUE, NEW YORK, NY 10022, USA
Tel:
Work +1 212 918 3000
Fax:
Fax +1 212 918 3100
Email:
Web:
http://www.hoganlovells.com

Emil Arca

Tel:
Work +1 212 918 3009
Email:
Hogan Lovells US LLP

Work Department

Corporate; Debt Capital Markets; Financial Institutions Group; Finance; Asset Finance; Banking; Infrastructure, Energy, Resources and Projects; Structured Finance; Trade and Export Finance; Africa; Latin America; Middle East

Position

Partner, New York INDUSTRY SECTORS Automotive Energy and Natural Resources Group Financial Institutions Infrastructure Transportation Aviation Road and Rail

Career

Emil Arca is a partner in the New York office of Hogan Lovells. He represents underwriters, placement agents, issuers, investors, lenders, borrowers, insurers, and other parties in a wide variety of types of structured finance, debt capital markets, project bond, banking, and restructuring transactions in the United States and internationally, particularly in emerging markets. These transactions have originated in about 23 countries, have involved financial institutions and companies in diverse industries, and many have been the first of their type involving the particular structure, asset type, or country. In the period since 2001, eight of these transactions have been recognized by financial industry publications with 19 awards, including \"Corporate Finance Deal of the Year\" from Latin Lawyer, \"Financing Innovation of the Year\" and \"Structured Finance Deal of the Year\" (2014) from Latin Finance, recognition in the Financial Times\' 2012 U.S. Innovative Lawyers awards and \"Latin American Deal of the Year\" (2010) from Euromoney. Structured finance transactions he has worked on in emerging markets include transactions backed by (a) revenues from operating assets (airports, drillships, mines, toll roads), (b) future flow cross-border assets (airline ticket receivables, credit card merchant vouchers, diversified payment rights, export receivables, oil royalties, and telephone receivables), and (c) existing financial assets (commercial real estate leases, consumer credit card receivables, construction loans, equipment leases, residential mortgage loans, telephone receivables, and vehicle loans and leases). Debt capital markets transactions in emerging markets he has worked on include investment grade and high yield bonds, perpetual securities, subordinated debt, and commercial paper programs. U.S. securitization transactions he has worked on include transactions backed by auto loans, equipment leases (aircraft, railcars, and small-ticket equipment), franchise loans, healthcare receivables, insurance premium finance loans, mortgage loans (commercial, multi-family, and residential properties), nonperforming assets, royalties, small business loans, and trade receivables. REPRESENTATIVE EXPERIENCE Representation of the underwriters in the establishment of and first (US$2 billion and Reais 2.4 billion) and second (US$1 billion) offerings from the Rio Oil Finance Trust, a master trust holding future oil royalties originally owed to Rioprevidência, the pension plan of the State of Rio de Janeiro. The first offering was the largest structured bond ever offered by an emerging markets issuer. Representation of a Guatemalan bank in a senior unsecured debt issuance constituting the largest private sector debt issuance originating in Central America as well as a prior subordinated debt issuance constituting tier II capital. Representation of the underwriters in two structured financings by members of the Schahin Group of companies of revenues from drillships chartered to a vendor in the energy industry. Representation of the underwriters in two securitizations of revenues of the Corredor Sur and the Corredor Norte in Panama to enable a governmental entity to reacquire the concession for the toll roads.

Member

The Best Lawyers in America, Securitization and Structured Finance Law (2010-2016) Chambers Global, USA: Banking & Finance, Projects (2013-2015); Latin America-Wide: Banking & Finance (2011-2015), Capital Markets (2014-2015) Euromoney\'s Legal Media Expert Guide, The Best of the Best USA (Structured Finance and Securitisation, 2013-2015) and Banking Finance & Transactional (Structured Finance and Securitisation, 2012-2015) The Legal 500 United States (Capital Markets: Debt Offerings) New York Super Lawyers (Securities & Corporate Finance) (2013-2014) Selected for inclusion in prior editions of Euromoney\'s Legal Media Expert Guide, The World\'s Leading Structured Finance and Securitisation Lawyers, (Structured Finance and Securitisation); Law360, Project Finance Practice Group of the Year; The Legal 500 United States (Finance) and Latin America (Banking and Finance); New York Super Lawyers (Securities and Corporate Finance); and Legal Business Research Ltd.\'s Who\'s Who Legal - The International Who\'s Who of Business Lawyers (Securitisation) and Who\'s Who Legal - The International Who\'s Who of Banking Lawyers.

Education

J.D., University of Michigan Law School, 1985 B.A., University of Michigan, 1982

Leisure

Spoken at or moderated programs sponsored by: lawyers organizations (the American Bar Association Section on International Law, the Federalist Society for Law & Public Policy Studies, the International Bar Association, the New York State Bar Association International Law Section); trade associations (the American Securitization Forum, the Asociación Bancaria Salvadoreño, the Brazilian-American Chamber of Commerce, the Federación Latinamericano de Bancos, the Instituto Mexicano de Ejecutivos de Finanzas, the Michigan Mortgage Bankers Association); professional services firms (Duff & Phelps Credit Rating Co., National Information and Credit Evaluation (Korea), PricewaterhouseCoopers); educational institutions, student groups and governmental organizations (the Columbia Latin American Business Law Association, Louisiana State University Law Center, New York University\'s Federal Taxation Institute, the United States Agency for International Development); and professional publications and conference organizations (Euromoney Seminars, Global Business Research, Information Management Network, International Financial Law Review, the Institute for International Research, LatAm Financial, Latin Finance, Opal Financial, the Strategic Research Institute).


Latin America: International firms

Banking and finance

Within: Banking and finance

Hogan Lovells US LLP continues to be noted for its record in financings involving Asian financial institutions, particularly in relation to projects and transactions in Ecuador, Venezuela and Honduras. It has deep experience in representing state-owned energy entities in Ecuador, Brazil, Venezuela, Honduras and Colombia. The firm is also recognised for its project finance record in Central America and has one of the leading structured finance practices in the region. Clients include IFC, Republic of Ecuador, Bolivarian Republic of Venezuela, OPIC, Ecopetrol, Enel Power, Petróleos de Venezuela (PDVSA), Mitsui, Petroecuador and Credit Agricole. Headline mandates saw the practice advised IFC and the China-Mexico Fund on the Red Compartida mega-project in Mexico, involving $750m in committed capital from consortium members and an initial $2bn financing package; as well as advising Petrobras on a $5bn loan facility from China Development Bank. The team also advised the State of Zacatecas, Mexico, on the refinancing of its $377m debt. Houston partner and co-chair of the Latin America practice Bruno Ciuffetelli is an ‘excellent professional’ and has a fine record in project and structured finance, while fellow co-chair José Valdivia is recognised for his experience in infrastructure projects. Miguel Zaldivar has an established record in Ecuador and Venezuela and has led a number of financings involving Chinese lenders; and newly promoted Gaston Fernandez is also recommended for Asia-Latin America transactions. New York’s Emil Arca is a leader in structured finance and securitization area. Partners are Miami-based unless stated.

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Capital markets

Within: Capital markets

Hogan Lovells is at the forefront of the burgeoning derivatives and structured finance market in Latin America. It also continues to be active in mainstream debt and equity offerings for private sector and sovereign issuers. Its offices in Mexico City, Monterrey, New York, Miami and São Paulo ensure that it is well acquainted with and connected to the region where its clients include Banco do Brasil, Petróleos de Venezuela (PDVSA), Bradesco BBI, BB Securities and Banorte. Emil Arca is head of the firm’s international debt capital markets practice group for the Americas and is widely recognised for his expertise in future-flow and diversified payment rights transactions. He led the team that advised Wells Fargo and The Prudential Insurance Company of America, as investors, in Banco General DPR Funding’s $125m and $250m notes issuances, both backed by diversified payment rights. He and the team also advised BNP Paribas (as placement agent) and a group of accredited investors on the establishment of a new diversified payments rights securitisation programme originated by Banco Davivienda (Costa Rica). Evan Koster is another key member of the team, particularly for sovereign issuances, derivatives and energy sector transactions; he and São Paulo partner Isabel Costa Carvalho advised Brazi’s Banco Votorantim on its $300m issuance of Basel III-compliant Tier 1 subordinated notes.

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United States: Finance

Structured finance: securitization

Within: Structured finance: securitization

For some, Hogan Lovells US LLP is a market leader in securitizations emanating from emerging markets, particularly Latin America. Emil Arca advised El Salvadorian Banco Cuscatlán on the creation of a diversified payment rights securitization program. Similarly, Arca acted for National Commercial Bank Jamaica in connection with its securitization of Visa-MasterCard merchant voucher receivables generated in Jamaica from international cardholders. Peter Humphreys advised T-Mobile on a private issuance secured by handset receivables and structured for different accounting treatments for International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) on the one hand, and sales tax on the other hand. Lewis Cohen is another contact in the department.

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