José A. Cobeña Serrano

Partner, Norton Rose Fulbright US Consultores em Direito Estrangeiro Norton Rose Fulbright US Consultores em Direito Estrangeiro
José A. Cobeña Serrano

José A. Cobeña Serrano

Biography

José A. Cobeña is a New York finance lawyer with more than 15 years of experience in banking and projects transactions in Latin America. José focuses his practice on advising developers, commercial banks and export credit agencies/multilateral financing institutions on various types of projects and financings (including ECA financings) in emerging markets. José has particular experience in advising on export credit agency financings across the globe and MIGA-guaranteed financings in Latin America.

Professional experience

Representative experience

Representative experience

·       Represented JPMorgan and HSBC, as mandated lead arrangers and lenders, in a US$333.6 million hydropower plant rehabilitation program deal, which was guaranteed by Multilateral Investment Guarantee Agency (MIGA). The program will repower and modernize seven existing hydropower plants owned and operated by Comisión Federal de Electricidad. The plants are located throughout México, supporting the country's commitment to increasing renewable energy sources under the Clean and Renewables Electrical Projects Development Program and Transitional Energy Program. This transaction was named the "ECA, DFI, IFI Deal of the Year" by the 2023 Bonds, Loans & ESG Capital Markets Latin America & Caribbean Awards.

·       Advised a syndicate of lenders, including JPMorgan, HSBC, Crédit Agricole Corporate and Investment Bank and Standard Chartered, on a US$800 million loan facility to Banco do Brasil, guaranteed by Multilateral Investment Guarantee Agency (MIGA).

·       Represented Banco Santander, S.A., as lender, in the closing of a US$22.3 million ECA-backed loan to Brazilian utility company Eletronuclear for the financing of ongoing feasibility studies for the proposed lifetime extension of its Angra 1 nuclear plant, which was guaranteed by Eletrobras. The guarantee was provided by the EXIM Bank of the United States. Brazil's first nuclear reactor, Angra 1 began operating in 1985 with a capacity of 609MW. Eletronuclear requested a 20-year extension to the plant's operating period, which is currently set to expire in 2024. The loan will be used to continue financing ongoing feasibility studies and upgrades to keep the plant in operation through the extension. This deal was awarded the “LatAm Export Finance, Power Deal of the Year” by IJGlobal in 2022.

·       Advised Corporacion Andina de Fomento (CAF) in its collaboration with Japan International Cooperation Agency to extend a US$297 million syndicated loan to Banco Sicredi, a Brazilian cooperative financial institution. This transaction received Environmental Finance’s 2024 “Impact Initiative of the Year - Latin America and Caribbean” award. The IMPACT Awards recognize groundbreaking projects leading to positive and measurable outcomes or significant social impacts. Winners were selected by the Environmental Finance editorial team by scoring each individual entry using industry knowledge, objectivity and credibility.

·       Advised Corporación Andina de Fomento (CAF) in a US$300 million loan agreement for a three-year period with YPF SA. The B Loan was funded by Banco Santander, Industrial and Commercial Bank of China (ICBC), Itaú Unibanco and Cargill Financial Services International.

·       Represented CAF in a US$375m mobilized financing to YPF SA. For the investments in sustainable projects in Argentina.

·       Currently advising JPMorgan in a credit facility that will be extended to Distrito Especial, Industrial y Portuario de Barranquilla, which will be guaranteed by Multilateral Investment Guarantee Agency (MIGA).

·       Currently advising Banco Santander, S.A., Banco Bilbao Vizcaya Argentaria, S.A., Milan Branch, and BNP Paribas in a US$500 million credit facility to be extended to Empresas Públicas de Medellín E.S.P. in Colombia, which will be guaranteed by SACE under the SACE Push Program.

·       Represented Corporacion Andina de Fomento (CAF) in a senior unsecured US$137 million loan facility extended to Banco Pichincha, C.A. in Ecuador. The Social A/B loan will support micro, small and medium-sized enterprises (SMEs) in Ecuador, with attention to strengthening women-led SMEs and public policies for gender equality. The loan will also help finance environmental sustainability business programs focused on energy efficiency and green business.

·       Advised Crédit Agricole Corporate and Investment Bank, JPMorgan and Banco Santander, S.A. on two credit facilities for a hydropower plant rehabilitation program in Mexico. The program will repower and modernize seven existing hydropower plants owned and operated by Comisión Federal de Electricidad. The plants are located throughout México, supporting the country's commitment to increasing renewable energy sources under the Clean and Renewables Electrical Projects Development Program and Transitional Energy Program. These facilities were guaranteed by OeKB.

·       Represented JPMorgan as lender in relation to a US$300 million equivalent COP-indexed credit facility extended to Banco de Comercio Exterior de Colombia S.A. (Bancoldex), which was guaranteed by the Multilateral Investment Guarantee Agency (MIGA).

·       Represented Banco Santander, S.A., as lender, in a EUR 21 million ECA-backed loan to Brazilian company Arcor do Brazil Ltda. for the expansion of its facility in Brazil. The guarantee was provided by Euler Hermes of Germany.

·       Advised Banco Santander, S.A. in a EUR€38 million export finance facility extended to Frisa Forjados S.A. de C.V. in Mexico, which was guaranteed by SACE.

·       Represented JPMorgan Chase Bank on two loan grants for approximately US$150 million each for Fondo MiVivienda (FVM), a low-income housing program in San Isidro, Perú. Both loans were guaranteed by the Multilateral Investment Guarantee Agency (MIGA). The funds raised will be used to finance sustainable housing projects that focus on financing mortgage loans for the purchase, construction or improvement of homes. FMV plans to allocate 50 percent of the funds raised to finance mortgage loans for Perúvian women.

·       Represented Banco Santander, S.A. in relation to a credit facility extended to TYASA backed by the Belgian export credit agency, Credendo.

·       Represented Banco Santander, S.A. in relation to a credit facility to be extended to TYASA backed by the Austrian export credit agency, OeKB.

·       Advised Fitesa in a EUR€39 million export credit facility agreement arranged by HSBC Securities (USA) Inc.

·       Represented Banco Santander, S.A. in relation to an export credit facility extended to Almalyk Mining and Metallurgical Complex in Uzbekistan, which was guaranteed by UKEF under a standard buyer loan guarantee.

·       Represented a consortium of lenders, including Citibank, N.A., Banco Santander, S.A. and Commerzbank, AG, on a US$600 million credit facility extended to Banco Nacional de Comercio Exterior (Bancomext) in México. The facility is guaranteed by the Multilateral Investment Guarantee Agency (MIGA) and will be used to finance companies under an emergency liquidity program launched by Bancomext in response to the COVID-19 crisis.

·       Represented Banco Santander, S.A. in relation to an Eksfin backed facility to Fincantieri S.p.A. to finance the acquisition of Norwegian maritime equipment and services.

·       Advised Banco Nacional de Panamá (Banconal) on two credit facilities arranged by Goldman Sachs and Societe Generale – totaling US$510 million – which are guaranteed by the Multilateral Investment Guarantee Agency (MIGA).

·       Represented CAF in drafting, negotiating and closing amended and restated non-committed and revolving credit line agreements under New York law with several Brazilian and Spanish financial institutions (Banco do Brasil, Banco Itaú, Banco Santander and Bradesco).

·       Represented Banco Santander, S.A. on a Euler Hermes backed facility to Zabka Automatic Logistics to finance the execution of logistics installations and its systems in a logistics centre in Radzymin, Poland.

·       Advised Banco Santander, S.A. with respect to a US$300 million loan to a sovereign entity to fund its road building program in Brazil. The loan was guaranteed by the Brazilian Federal Government, and in an innovative structure, also the World Bank's MIGA.

Rankings and recognitions

Rankings and recognitions

  • Legal 500 Latin America, Leading Associate, Latin America: International Firms - Banking and finance, The Legal 500, 2025
  • Legal 500 Latin America, Leading Associate, Latin America: International Firms - Projects and energy, The Legal 500, 2025

Education

Education

Post-graduate in Business Administration, Fundação Getulio Vargas, 2012
LL.M, Georgetown University Law Center, 2007
JD, Universidad Catolica Andres Bello, 2002

Admissions

Admissions

  • New York State Bar
  • Venezuela Bar

Languages

Languages

  • Portuguese
  • Spanish

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