Commenting on the selection, Banco General CFO Francisco Sierra said that the appointment was based on its experience and extensive track record in DPR securitizations and it will be accountable throughout the life of the program.
BNY Mellon Corporate Trust international and cross border sales managing director Hector Herrera commented, "We expect to see an increased interest in DPRs as more issuers seek alternative sources of funding in anticipation of the new regulatory environment of Basel III."
In order to carry out various duties, including servicing and maintaining the debt issue, processing principal and interest payments, corporate trust providers are appointed by investors, corporations, municipal governments and other institutions that issue debt.
BNY Mellon Corporate Trust serviced $12 trillion in outstanding debt from 61 locations in 20 nations, as of 31 March 2013.
Safeguarding assets and enhancing the management and administration of client investments, BNY Mellon’s Asset Servicing business supports institutional investors in fast-evolving markets through services that process, monitor and measure data from across the globe.
Offering informed investment management and investment services in 36 nations and more than 100 markets, BNY Mellon had $26.3 trillion in assets under custody and/or administration, and $1.4 trillion in assets under management, as of 31 March 2013.
