Department profile
Arias, Fábrega & Fábrega

Capital Markets

Latin America Guide 2026 : Panama

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Arias, Fábrega & Fábrega

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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.

Clients (17)

  • Banco General
  • Banco Centroamericano de Integración Económic
  • La Hipotecaria
  • Banco Latinoamericano de Comercio Exterior
  • Bancolombia
  • Bank of America Merrill Lynch
  • BNP Paribas
  • Citibank
  • Credit Suisse
  • Deutsche Bank
  • Goldman Sachs
  • JPMorgan Chase
  • Morgan Stanley
  • Standard Chartered Bank
  • UBS
  • Unicredit
  • Wells Fargo/Wachovia and WestLB

Industries (12)

  • Banks
  • Commercial & Professional Services
  • Consumer Product Manufacturing
  • Energy
  • Financial Services
  • Food & Drink Producers
  • Mining & Metals
  • Real Estate
  • Private Clients / Individuals
  • Telecommunications
  • Transportation
  • Utilities

Chambers Review

Provided by Chambers

Capital Markets - Panama

Band 1

What the Team is Known For
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.
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Work Highlights

Provided by Chambers

  • Arias, Fábrega & Fábrega advised Corporación Andina de Fomento on the acquisition of the first issuance of Panamanian corporate debt placed in Euroclear by the Inter-American Corporation for Infrastructure Financing.

Strengths

Provided by Chambers

  • Arias, Fábrega & Fábrega have an excellent handling with the customer and the regulator. They show agility in document review, with accurate opinions and recommendations.

    Capital Markets respondentLatin America

  • ARIFA’s advice focuses on helping clients innovate in the market. The team remains vigilant in ensuring regulatory compliance and protecting the integrity of the franchise.

    Capital Markets respondentLatin America

Notable Practitioners

Provided by Chambers

  • Ricardo M Arango
    Ricardo M Arango

    Ricardo M Arango

    Senior statesperson Ricardo Arango continues to play a key role advising underwriters, corporate issuers and institutional investors on debt and equity transactions in Panama.

    • Ricardo Arango has experience and knowledge in capital markets.

      Capital Markets respondentLatin America
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  • Estif Aparicio
    Estif Aparicio

    Estif Aparicio

    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 has a broad and deep knowledge of the securities market legislation in Panama, and his experience is indispensable to completing the operation.

      Capital Markets respondentLatin America

    • Estif Aparicio is often a point of reference in complex and sophisticated cases.

      Capital Markets respondentLatin America
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Ranked Individuals at Arias, Fábrega & Fábrega (2)

Panama

Members

Provided by Arias, Fábrega & Fábrega

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