How do you approach managing legal aspects during periods of instability or crises, and how does your legal strategy align with the broader business strategy to ensure the organization’s resilience?  

Managing legal aspects during periods of instability and crises is crucial. Our approach focuses on several key strategies such as risk assessment and mitigation, proactive legal guidance, stakeholder communication, adaptability and flexibility and collaboration. 

We conduct rigorous risk assessments to identify potential legal challenges arising from instability. This includes evaluating contractual obligations, regulatory changes, and geopolitical risks. We provide proactive legal guidance to stakeholders, including senior management and operational teams, to navigate legal complexities effectively. This involves staying updated on evolving laws and regulations that could impact our operations. Clear and transparent communication with stakeholders is essential during crises. We ensure that legal implications and strategies are communicated effectively to maintain trust and manage expectations. Crises often require swift and adaptive legal responses. We prioritise flexibility in our legal strategies to respond promptly to changing circumstances and emerging legal challenges. Collaboration across departments and with external legal experts enhances our ability to anticipate and address legal issues. This teamwork ensures a cohesive approach to managing legal aspects during instability. 

What are the main cases or transactions you have been involved in recently?  

I lead the structured finance and capital markets transactions as a member of the infrastructure, energy & corporates legal team at IDB Invest. I have extensive experience in financial markets and structured financing. I lead complex, cutting-edge, project and structured finance transactions across Latin America and the Caribbean, with a focus on social infrastructure, transport and renewable energy with capital market components. Among many innovative financial structures, I have been responsible for the development of IDB Invest’s capital market products for infrastructure and corporate transactions, in particular IDB Invest’s B Bonds and Project Bonds. 

Some of our relevant recent transactions is the Chile’s Tarrifs Stabilisation Fund – Tarifas 2 or Project Fiordo: Approx. $1.8bn Rule 144(a) Reg S and Rule 4a2 B Bond to finance Chile’s tariffs stabilization program. This transaction will be IDB Invest’s largest Rule 144(a) Reg S and Rule 4a2 B Bond ever. Another transaction was the Liberty Costa Rica (Costa Rica), IDB Invest first Rule 144(a) Reg S B Bond to finance Costa Rica´s 4G and 5G infrastructure. The Salaverry Terminal Internacional (Peru) – long-term financing for the modernisation of the Salaverry Multipurpose Port Terminal, in Trujillo, Peru. The financing was IDB Invest’s first B Bond in Peru and the countries longest tenor private placement bond.  

Some other transactions are our toll-road concession project awarded under the Colombian 4G Road Program, operated by Concesionaria Vial Unión del Sur and main sponsored by Sacyr. The financing consisted in a multi-tranche bi-currency structure of approximately US$804m where IDB Invest acted as anchor investor of a Global COP Social Rule 144(a) Reg S Bond.   

The Rutas 2 y 7 (Paraguay) was the first PPP project in Paraguay. The toll-road project was awarded to Rutas del Este S.A. a subsidiary of Sacyr and OchoA (local sponsor). The financing was structured in two stages: (a) In 2019, IDB Invest, Goldman Sachs and the Sponsors put in place a financial package that allowed the Project to start construction by issuing a US$216m Rule 144(a) Reg S Bond, to finance the first Tranches of the Project , complemented with an SBLCs facility provided by IDB Invest to guarantee the exposure of the Bond on the Project during the construction phase of the relevant Tranches. In 2021, to complement the original financing, IDB Group designed an innovative financing structure that included a new bond issuance purchased by IDB Invest, for an amount of US$230m that took construction risk.  

Additionally, Cardal-Punta del Tigre-Salto T-Line (Uruguay) – Operating Lease Contract awarded by Uruguayan National Utility of Electric Plants and Transmission Administration (UTE) for the design and construction of a 60 km long 500 kV transmission line, substations and ancillary works. The project is sponsored by Invenergy Investment Company. The financing was structured by IDB Invest as a B Bond financing, mobilizing international institutional investors via the issuance of a Rule 4(a)2 B Bond. This was IDB Invest first late draw B Bond. Lastly the Autopista al Mar (Colombia) referring to a toll-road concession project awarded under the Colombian 4G Road Program, operated by Desarrollo Vial al Mar S.A.S. and main sponsored by Sacyr and Strabag. The financing consisted of a multi-tranche bi-currency structure of where IDB Invest acted as the lead structuring bank and anchored the local currency funding.