Capital Markets

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.