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Hogan Lovells advises National Commercial Bank Jamaica Limited on US$300 million MVR securitization issuance

Global law firm Hogan Lovells advised Jamaican bank National Commercial Bank Jamaica Limited, the largest in the country, on an issuance under its Merchant Voucher Receivables (MVR) securitization program.
The transaction included a US$300 million principal amount of Series 2022-1 Fixed Rate Notes due 2032. The notes were issued by Jamaica Merchant Voucher Receivables Limited in a private placement that closed 30 August 2022.
MVR securitization programs are primarily dependent on the usage of credit cards issued in a country outside of the destination country. The notes under this transaction are backed by future flows due from Visa and Mastercard international merchant voucher receivables. Notably, this is the first MVR transaction since the COVID-19 pandemic.
The Hogan Lovells team was led by New York capital markets partner Emil Arca, and included counsel Russell Slanover, associate Lauren Kimmel and law clerk Zachary Suggs.

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