Capital Markets
Latin America Guide 2025 : Panama
Band 1
About
Provided by Arias, Fábrega & Fábrega
Innovative and creative legal structures in Panama: First securitization in Panama (including the first securitization of credit card receivables, trade receivables, SWIFTs, residential mortgages, and toll-road receivables); created the structure used by Panamanian issuers to simultaneously place bonds in the local and international markets; first IPO of a Panamanian company in the Panama Stock Exchange, and first perpetual bond in Panama; first bond issued by state-owned SPV and largest bond offer ever in the Panamanian market; first public exchange offer carried out in Panama. When Citibank decided in 2011 to act as local custodian to open the Panamanian market to international investors, it turned to ARIFA for advice to create the structure and draft the required agreements and rules of operation.
More simultaneous offerings than any other firm in Panama: Have acted in six IPOs of Panamanian corporations whose shares are, or have been, listed on the NYSE. Counsels to underwriters in most international bond offerings of the Republic of Panama.
A legal team providing significant contribution to the development of Panama's Securities Regulation law: Former Chairman of the Panama Stock Exchange; head and main drafter of the Presidential Commission that drafted the current Securities Act; drafted the current tender offer rules; drafted the rules of operation of Panama's clearing and settlement agency, LatinClear.
Chambers Review
Arias, Fábrega & Fábrega is a stellar full-service firm in Panama overseeing a full spectrum of capital market deals, with particular activity in the debt market. The team boasts extensive experience offering counsel to underwriters and issuers on the placement of corporate bonds, including senior notes. The department also represents multinational investment banks in sovereign bond offerings. The firm is frequently called upon to handle complex securitisations as well as tender offers to acquire equity interests in publicly listed companies.
Work Highlights
- Arias, Fábrega & Fábrega advised the Bank of America and HSBC Securities on a tender offer and their involvement in aUSD1 billion global bond offering made by the Republic of Panama.
Strengths
Provided by Chambers
"Arias, Fábrega & Fábrega's team is composed of highly prepared lawyers, specialised in diverse fields that complement each other depending on their area of expertise. The turnaround times are short."
"The team at Arias, Fábrega & Fábrega is very organised and has lots of knowledge. Its lawyers are always very open, available and attentive to understanding the client."
"Arias, Fábrega & Fábrega's team is composed of highly prepared lawyers, specialised in diverse fields that complement each other depending on their area of expertise. The turnaround times are short."
"The team at Arias, Fábrega & Fábrega is very organised and has lots of knowledge. Its lawyers are always very open, available and attentive to understanding the client."
Notable Practitioners
Eminent practitioner Ricardo Arango continues to play a key role advising underwriters, corporate issuers and institutional investors on debt and equity transactions in Panama.
"Ricardo Arango is well versed and a reference in capital markets in Panama."
Outstanding partner Estif Aparicio continues to be held in the highest esteem by commentators for his involvement and expertise in capital markets. He is frequently seen advising on high-stakes bond offerings and private placements on the Panama Stock Exchange.
"Estif Aparicio is a lawyer with broad experience and knowledge in capital markets. He has an eye for strategies in this field, and is always up to date and looking ahead."
"Estif Aparicio is a very receptive person. He listens, analyses and proposes a solution. Estif is a complete professional who tries to help his clients to achieve their projects and be successful."
Ranked Lawyers at
Arias, Fábrega & Fábrega
Panama
Members
Provided by Arias, Fábrega & Fábrega
Andrés Rubinoff
Cederic Kinschots
Daniela Delvalle
Donald P. Canavaggio
Fernando Arias F
Javier Yap Endara
Head of Department
Clients
Provided by Arias, Fábrega & Fábrega
BNP Paribas
Banco Centroamericano de Integración Económic
Banco General
Banco Latinoamericano de Comercio Exterior
Bancolombia
Bank of America Merrill Lynch
Citibank
Credit Suisse
Deutsche Bank
Goldman Sachs
JPMorgan Chase
La Hipotecaria
Morgan Stanley
Standard Chartered Bank
UBS
Unicredit
Wells Fargo/Wachovia and WestLB
Industries
Provided by Arias, Fábrega & Fábrega
Banks
Commercial & Professional Services
Consumer Product Manufacturing
Energy
Financial Services
Food & Drink Producers
Mining & Metals
Private Clients / Individuals
Real Estate
Telecommunications
Transportation
Utilities