Rebaza Alcázar Advises Scotiabank on S/208.4 Million ISA Energía Bond Program

Rebaza, Alcázar & De Las Casas advised Scotiabank Peru as organiser of the First ISA Peru – ISA Energía Electrical Interconnection Corporate Bond Programme in the Institutional Investor Market, and its first issue, for PEN 208,405,000,000 (approximately US$61.7 million), achieving demand 2.07 times higher than the amount offered. The bonds were placed on 4 October 2025 and offered exclusively to institutional investors (pension funds, insurance companies and other sophisticated domestic and foreign investors).

Its advice consisted of a comprehensive due diligence of ISA Energía, as well as legal support in structuring and negotiating the terms of the Programme and the Issue, and in the bond placement process.

In this regard, the services had an important regulatory component, with special emphasis on compliance with the legal and operational requirements for the registration and listing of the bonds, and the reporting obligations to the SMV. 

This transaction required, in terms of due diligence, a thorough review of ISA Energía’s complex structure of assets and electricity transmission licences; and, in terms of the placement process, constant coordination between both teams and the SMV in order to resolve several operational constraints that arose during the process. The transaction marks a milestone in the Peruvian capital market by consolidating the institutional segment as a platform for long-term infrastructure issuances.

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