Clifford Chance (CC) and Mayer Brown have taken the lead roles on the first-ever covered bond programme in Latin America – a $500m (£312m) scheme kicked off by a $200m (£124m) five-year offering.

The offering by Panama-based Global Bank saw Deutsche Bank act as arranger alongside Bank of New York (BNY) Mellon as note trustee and HSBC’s Panama arm as guaranty trustee, all of which were advised by CC.