Costa Rica and Guatemala Execute First Cross-Border Bond Transaction

Costa Rica and Guatemala continue to advance their regional capital market integration with the execution of the first cross-border purchase of a Costa Rican-registered security by a foreign investor, marking a significant step toward deeper financial connectivity in Central America.

The transaction was facilitated by BCR Valores Puesto de Bolsa S.A. and involved a bond issued under the Corporate Bond Program of Latin American Kraft Investments Inc. (LAKI), reinforcing the region’s efforts to attract international investment through harmonized market infrastructure.

A milestone for regional market connectivity

This operation represents a concrete achievement in the interconnection of capital market infrastructures across Central America, enabling foreign investors to access securities registered in Costa Rica under aligned operational and custody standards.

The issuance corresponds to a US$3 million bond placement, signaling growing confidence in the region’s regulatory and financial frameworks.

Mario Vásquez Castillo, Corporate General Director of the Grupo Financiero Bolsa Nacional de Valores, highlighted the relevance of the transaction:

“These types of operations confirm the strength of Costa Rica’s market infrastructure and its ability to integrate effectively with other markets in the region. The participation of foreign investors strengthens market depth and validates the work we have been doing to facilitate secure, efficient transactions with regional reach.”

BCR Valores and the role of brokerage firms in regional integration

From BCR Valores, the firm emphasized that the transaction demonstrates the brokerage house’s capacity to deliver investment solutions with regional scope, combining experience and operational efficiency to structure deals that promote market integration and development.

“The intermediation of this first cross-border transaction with Guatemala shows that at BCR Valores we have the operational, regulatory and infrastructure conditions necessary to attract international investors and channel resources to regional issuers, generating value for our clients and for the market as a whole,” the firm stated.

Strategic agreements enable cross-border transactions

This operation is the result of two strategic milestones that have strengthened regional integration and the development of Costa Rica’s capital market.

In August 2025, InterClear Central de Valores, part of the Grupo Financiero Bolsa Nacional de Valores, signed a Mutual International Services Agreement for deposit, custody, administration and transfer of securities with the Central de Valores Nacional of Guatemala, expanding its regional network and enabling operational mechanisms for cross-border transactions between both markets.

Guatemala’s participation through IDC Valores

On the Guatemalan side, the participation of IDC Valores, S.A., acting as the buyer and registered as an independent brokerage firm with the Bolsa de Valores Nacional de Guatemala, represents a key step in strengthening and integrating Central America’s securities markets.

This operation forms part of a broader strategy to actively promote the development of a more solid, dynamic and competitive regional capital market. Through these initiatives, IDC Valores facilitates investment diversification, expands investor access to regional opportunities and strengthens the connection between issuers, investors and Central American stock exchanges.

IDC Valores reaffirmed its commitment to regional financial integration, supporting a more interconnected capital market ecosystem that fosters economic growth, capital attraction and value creation for all financial system participants.

Institutional commitment to regional market development

Martha Eugenia Coronado, General Manager of the Central de Valores Nacional, stated that the mutual services agreement signed with InterClear reflects both institutions’ commitment to regional market development and integration.

She noted that this initiative aligns with ongoing efforts by the Association of Capital Markets of the Americas (AMERCA), under which regional stock exchanges and central securities depositories have advanced regulatory and operational harmonization. As a result, Guatemalan investors now have access to securities listed in Costa Rica, and Costa Rican investors can access Guatemalan-listed securities, while issuers benefit from a broader potential investor base.

LAKI’s entry into Costa Rica’s capital market

In December 2025, Latin American Kraft Investments Inc. (LAKI) entered Costa Rica’s capital market following authorization from the Superintendencia General de Valores (SUGEVAL) for the public offering and registration of its Corporate Bond Program for up to US$100 million, with account annotation managed by InterClear.

These developments laid the groundwork for transactions such as the one now announced. LAKI is a regional holding company with operational presence across Central America, North America and the Caribbean, focused on producing packaging solutions and specialized materials, with a growth strategy anchored in capital market financing.