Alcogal advised Panama Commercial Properties, S.A. on its debut in the local capital markets through a corporate bond issuance for up to US$75 million, authorized by the Superintendency of the Securities Market through Resolution SMV-10-26 dated January 12, 2026, and listed on the Latin American Stock Exchange (Latinex). With more than a decade of experience in Panama’s commercial real estate sector, the company has a diversified portfolio of shopping centers, food courts and office buildings in strategic locations across the country. The issuance includes a structure with senior and subordinated tranches, in which the senior bonds are secured by a guarantee trust over commercial real estate assets. Insignia Financial, Corp. and Banco General, S.A. participated as structuring agent and paying, registry and transfer agent, respectively. The advisory team was led by partner Rafael Marquinez, together with associates Rafael Amar and Lilah Levin and legal assistant Lia Díaz.