Interlaw’s partner firm in Costa Rica, BLP, has advised the Spanish multinational financial services group Banco Santander S.A. and The Bank of New York Mellon on the issuance of Global Depository Notes (GDNs) by The Bank of New York Mellon on the international capital market.

The GDN issuance was secured by domestic debt bonds issued by the Costa Rican goverment on November 21, 2025, with a total value of  €1 billion. This transaction marked the first Euro-denominated issuance by the Costa Rican government. The entire bond issuance was acquired by Banco Santander, with BLP acting as legal advisor. The bonds were subsequently delivered to The Bank of New York Mellon as underlying collateral for the GDN issuance. 

The firm advised Banco Santander on all aspects of the acquisition of the bond issuance, including the review of agreements with the selected brokerage firm, as well as the structuring, management, documentation, and execution of the purchase process and related payment mechanics.  

In parallel, BLP advised The Bank of New York Mellon on the transfer of the bonds in its favor, the legal feasibility of the proposed GDN issuance, and the use of Costa Rican domestic bonds as collateral. Both mandates involved the preparation and delivery of multiple legal opinions. 

The team advising Banco Santander was led by partners Eduardo Calderón and Luis Hernández, with senior associate Alejandro Fallas providing support. Partners Julio Castellanos and Vivian Liberman led the advisory work for The Bank of New York Mellon. This domestic debt bond issuance received significant coverage in the local press, reflecting its importance as Costa Rica’s first Euro-denominated issuance in the domestic market.