Greenberg Traurig Advises FICOHSA in $100M Future Flow Securitization Program, the First from Honduras

MIAMI - Jan. 21, 2026 - Global law firm Greenberg Traurig, LLP advised Honduran bank Banco Financiera Comercial Hondureña, S.A. (FICOHSA), on the structuring of its merchant voucher receivable (MVR) future flow securitization program and the issuance of its inaugural series for US$100 million. This is the first future flow securitization program out of Honduras.

The Series 2025-1 Loans were issued by Honduras Merchant Voucher Receivables Limited, the program's special purpose vehicle (SPV) issuer, to several institutional investors in the Americas, led by Banco Santander, S.A.

"We are proud to support FICOHSA on this landmark program," said Oscar Stephens, New York Corporate shareholder and member of the firm's Latin America Practice, who led the deal team. "Advising on transactions that help expand access to capital across Latin America is central to our practice and we value the trust the client placed in our team. This is just an example of our deep experience in advising clients on future flow securitization programs."

Joining Stephens in this transaction are Miami Corporate Law Clerks Daniel Albarran Garcia and Diego Sasias Arroyo.

Founded in 1994, Banco Financiera Comercial Hondureña, S.A. is a financial institution that serves individuals, small and large businesses through an extensive network of branches and service channels. The bank's main office is located in Tegucigalpa, Honduras.