Alcogal advised on the structuring, registration and listing of Desarrollos Comerciales, S.A.’s corporate bond issuance for up to US$104 million, registered with the Superintendency of the Securities Market of Panama and listed on the Latin American Stock Exchange. This issuance represents one of the most significant transactions in Panama’s capital markets so far this year and reaffirms investors’ confidence in the country’s commercial real estate sector, as well as in the capacity of the local securities market to serve as a competitive financing platform. Banco General, S.A. acted as structuring bank for the issuance. Alcogal’s legal team was led by partner Rafael Marquinez, with the support of associates Lilah Levin and Rafael Amar. The operation constitutes a relevant transaction for Panama’s capital markets and commercial real estate sector.