BLP advised Banco Santander S.A. and The Bank of New York Mellon on the issuance of Global Depository Notes (GDNs) in the international capital markets. The issuance was carried out under Rule 144A and Regulation S.
The GDN issuance was secured with domestic debt bonds issued by the Government of Costa Rica on November 21, 2025, in the amount of €1,000,000,000—marking the first euro-denominated issuance by the Government of Costa Rica in the local market. The entire issuance was acquired by Banco Santander S.A., with BLP serving as legal advisor.
Subsequently, these bonds were delivered to The Bank of New York Mellon as underlying collateral for the GDN issuance.
BLP advised Banco Santander on all matters related to the acquisition of the Government of Costa Rica’s issuance, including the review of contracts with the selected brokerage firm, as well as the management and documentation of the purchase process and subsequent payment.
BLP also advised The Bank of New York Mellon on all matters related to the transfer of the bonds in its favor, as well as the legal feasibility of the proposed GDN issuance and the use of the local bonds as collateral. Both advisory engagements required BLP to issue several legal opinions.
The BLP team advising Banco Santander was led by Partners Eduardo Calderón and Luis Hernández, with the support of Senior Associate Alejandro Fallas. Partners Julio Castellanos and Vivian Liberman led the advisory to The Bank of New York Mellon.
BLP Team
- Eduardo Calderón – Partner, Costa Rica – E-mail
- Luis Hernández – Partner, Costa Rica – E-mail
- Alejandro Fallas – Senior Associate, Costa Rica – E-mail
- Julio Castellanos – Partner, Costa Rica – E-mail
- Vivian Liberman – Partner, Costa Rica – E-mail