Chambers Review
Provided by Chambers
Latin-America
Capital Markets - Panama
Individual Editorial
Dynamic partner Ricardo Arias continues to garner praise from interviewees for his skills in bond offerings and stock issuances in Panama.
Ricardo Arias
Latin America Guide 2025
Band 2 : Capital Markets
Email address
[email protected]Contact number
+507 2657777Share profile
Lawyers profile
Latin America 2025
Lawyers profile | Latin America 2025: Capital Markets
Ricardo Arias
Ranked in 1 Practice Areas
Band 2
About
Provided by Ricardo Arias
Latin America
Career
Ricardo Arias is currently a Partner and coheads the Securities & Capital Markets practice group at Morgan & Morgan. He also has a leading role in Corporate & Commercial Law practice.
With more than 15 years of experience, Ricardo has provided counsel in a wide array of legal services, including securities offerings, the creation of investment funds (from private equity funds to real estate trusts), the legal advice to brokerage houses and other intermediaries, among other services.
Ricardo has participated in high profile transactions in the capital markets. In debt issuances, he participated in 2012 in the issuance of ENA Norte Trust bonds for $600,000,000 that were used for the purchase of the Corredor Norte highway, in 2017, he advised Banistmo, one of the largest banks in the country, with a bond program for $300,000,000, in 2019, advised Avianca Holdings in a $550,000,000 bond exchange offer, and that same year advised Compañía para el Financiamiento de Infraestructura (CIFI) with a $200,000,000 bond program highlighted for being the first issuance of green bonds in Panama.
In equity issuances, Ricardo advised Supermercados Xtra, one of the largest supermarket chains in the country, and its shareholders in the public offering (IPO) of its shares for $45,000,000 in 2022. He has also led the issuance of shares of real estate investment funds that own iconic properties such as Multiplaza, Business Park, Torre de las Americas and Green Tower Properties.
In issuances of structured products, he has advised Banco La Hipotecaria since 2008 in multiple securitizations of mortgage loans and in bond offerings secured by such loans, with certain issuances of bonds being acquired by investors in the United States.
Strengths
Provided by Chambers
Slide 1 of 1
Ricardo Arias is an excellent professional whose financial and legal knowledge is admirable. He is an intellectually curious person, very prepared and well read.
Ricardo Arias is an excellent professional whose financial and legal knowledge is admirable. He is an intellectually curious person, very prepared and well read.
Articles, highlights and press releases
26 items provided by Morgan & Morgan
Slide 1 of 13
Highlight
Morgan & Morgan advised Bank of China Ltd. with the issuance of US$500 million Floating Rate Notes
Morgan & Morgan advised Bank of China Limited, Panama Branch, in connection with the issuance of US$500 million Floating Rate Notes.
Highlight
Morgan & Morgan advised Supermercados Xtra, SA on $300 Million Bond Program.
Morgan & Morgan advised Supermercados Xtra, SA, one of Panama’s leading supermarket chains, on $300 Million Bond Program.
Slide 2 of 13
Highlight
Morgan & Morgan advised CIFI on the first corporate securities issuance through iLink platform
Morgan & Morgan advised CIFI on the first corporate securities issuance through iLink platform of Latinclear with Euroclear.
Highlight
Morgan & Morgan Legal advised in the constitution of Fideicomiso Inmobiliario CasasGrandes as a REIT
Morgan & Morgan Legal advised Inmobiliaria Casas Grandes, S.A. in the constitution and registration of FIDEICOMISO INMOBILIARIO CASAS GRANDES as a Real Estate Investment Fund.
Slide 3 of 13
Highlight
Morgan & Morgan Legal advised MMG Global Allocation Fund, Inc.
Morgan & Morgan Legal advised MMG Global Allocation Fund, Inc. in the conversion from a closed-end simple fund into a closed-end umbrella fund. The Fund is authorized to offer up to 500,000,000 of its participating shares in different classes, through the Latin American Stock Exchange.
Highlight
Morgan & Morgan Legal advised Green Tower in its registration as a REIT and initial IPO of shares
Morgan & Morgan Legal advised Green Tower Properties Inc. and its shareholders in the registration and conversion as a Real Estate Investment Trust and an initial public offering (IPO) of its shares through Latinex.
Slide 4 of 13
Highlight
Morgan & Morgan Legal advised Banistmo, S.A. in the registration of revolving corporate bonds
Morgan & Morgan Legal advised Banistmo, S.A. in the registration of revolving corporate bonds of Lion Hill Capital 2, S.A. for an amount of up to US$80 million.
Highlight
Morgan & Morgan Legal advised LAKI in the registration of US$40 million revolving commercial papers
Morgan & Morgan Legal advised Latin American Kraft Investments, Inc. in the registration of revolving commercial papers for an amount of up to US$40 million.
Slide 5 of 13
Highlight
Morgan & Morgan Legal advised LAKI in the registration of US$60 million revolving corporate bonds
Morgan & Morgan Legal advised Latin American Kraft Investments Inc. in the registration of revolving corporate bonds for an amount of up to US$60 million.
Highlight
Morgan & Morgan Legal advised CAF in the listing and placement of Series of Set-Up Fixed Rate Notes
Morgan & Morgan Legal advised Corporación Andina de Fomento in the listing and placement of a Series of Set-Up Fixed Rate Notes for an amount of up to US$200 million.
Slide 6 of 13
Highlight
Morgan & Morgan Legal advised Cochez y Cía, S.A. in the registration of revolving corporate bonds
Morgan & Morgan Legal advised Cochez y Cía, S.A. in the registration of revolving corporate bonds for an amount of up to US$90 million.
Highlight
Morgan & Morgan Legal advised Cochez y Cía, S.A. in the registration of revolving commercial papers
Morgan & Morgan Legal advised Cochez y Cía, S.A. in the registration of revolving commercial papers for an amount of up to US$10 million.
Slide 7 of 13
Highlight
Morgan & Morgan Legal advised MSFI, S.A. in the issuance of US$30 million common shares
Morgan & Morgan Legal advised Mercantil Servicios Financieros Internacional, S.A. in the issuance of common shares for an amount of up to US$30 million, successfully placed.
Highlight
Morgan & Morgan Legal advised MHFI, S.A. in the registration of US$100 million corporate bonds
Morgan & Morgan Legal advised Mercantil Holding Financiero Internacional, S.A. in the registration of corporate bonds for an amount of up to US$100 million.
Slide 8 of 13
Highlight
Morgan & Morgan Legal advised Supermercados Xtra, S.A. in the registration of US$45.5M common shares
Morgan & Morgan Legal advised Supermercados Xtra, S.A. in connection with the registration of common shares for an amount of up to US$45.5 million, successfully placed and sold in the secondary market of Latinex to almost 250 new investors.
Highlight
Morgan & Morgan Legal advised Banco General and Banistmo in a US$110 million public offering
Morgan & Morgan Legal advised Banco General, S.A., and Banistmo, S.A. in connection with the public offering and issuance by Fountain Hydro Power Corp. of corporate bonds for an amount of up to US$110 million.
Slide 9 of 13
Highlight
Morgan & Morgan Legal advised Supermercados Xtra, S.A. in a US$100 million bonds issuance
Morgan & Morgan Legal advised Supermercados Xtra, S.A. in connection with the offering and issuance of corporate bonds for an amount of up to US$100 million.
Press Release
Morgan & Morgan achieved the highest number of rankings for Panama in Chambers Latin America.
Morgan & Morgan has achieved the highest number of rankings for Panama in Chambers Latin America Guide 2022, the key reference point of Latin American top law firms.
Slide 10 of 13
Highlight
Morgan & Morgan advised Banistmo, S.A. in connection with a U$400 million public offering
Morgan & Morgan advised Banistmo, S.A. in connection with the public offering of senior secured notes for an amount of up to US$400 million issued through the ENA Master Trust
Highlight
Morgan & Morgan advised Electron Investment, S.A. in a public offering of corporate bonds
Morgan & Morgan represented Panamanian company Electron Investment, S.A. in the public offering of corporate bonds for a sum of up to US$ 205,000,000 (the “Bonds”) in relation to Pando and Monte Lirio, two hydropower generating facilities that it owns and operates.
Slide 11 of 13
Highlight
Morgan & Morgan advised the shareholders of Unity Group in a corporate restructuring and sale
Morgan & Morgan advised the shareholders of Unity Group, a holding company with subsidiaries engaged in insurance brokerage in Central America with operations in six countries, in a corporate restructuring and subsequent sale of its business to Willis Europe B.V.
Highlight
Morgan & Morgan advised Avianca Holdings, S.A. -Securities Purchase Agreement
Morgan & Morgan advised Avianca Holdings, S.A. in connection with a Senior Secured Convertible Securities Purchase Agreement for an amount of up to US$50 million
Slide 12 of 13
Highlight
Morgan & Morgan advised Avianca Holdings, S.A. in connection to certain Incremental Debt
Morgan & Morgan advised Avianca Holdings, S.A. in connection to certain Incremental Debt for an amount of up to US$75 million
Highlight
Morgan & Morgan advised Avianca Holdings, S.A. in connection with a Loan Agreement of up to US$250M
Morgan & Morgan advised Avianca Holdings, S.A. in connection with a Senior Secured Convertible Term Loan Agreement of up to US$250 million
Slide 13 of 13
Highlight
Morgan & Morgan advised Avianca Holdings, S.A. in Exchange Offer of Senior Notes for US$550,000,000
Morgan & Morgan advised Avianca Holdings, S.A. in launch and consummation of an exchange offer of the Company’s previously issued US$550,000,000 8.375% Senior Notes due 2020 for newly issued US$550,000,000 8.375% Senior Secured Notes Due 2020.
Highlight
Morgan & Morgan advised Grupo Mercantil in connection with the registration of common shares
Morgan & Morgan advised Grupo Mercantil in connection with the registration of 104,760,961 common shares of its Panamanian holding Mercantil Servicios Financieros Internacional, S.A.
Highlight
Morgan & Morgan advised Bank of China Ltd. with the issuance of US$500 million Floating Rate Notes
Morgan & Morgan advised Bank of China Limited, Panama Branch, in connection with the issuance of US$500 million Floating Rate Notes.
Highlight
Morgan & Morgan advised Supermercados Xtra, SA on $300 Million Bond Program.
Morgan & Morgan advised Supermercados Xtra, SA, one of Panama’s leading supermarket chains, on $300 Million Bond Program.
Highlight
Morgan & Morgan advised CIFI on the first corporate securities issuance through iLink platform
Morgan & Morgan advised CIFI on the first corporate securities issuance through iLink platform of Latinclear with Euroclear.
Highlight
Morgan & Morgan Legal advised in the constitution of Fideicomiso Inmobiliario CasasGrandes as a REIT
Morgan & Morgan Legal advised Inmobiliaria Casas Grandes, S.A. in the constitution and registration of FIDEICOMISO INMOBILIARIO CASAS GRANDES as a Real Estate Investment Fund.
Highlight
Morgan & Morgan Legal advised MMG Global Allocation Fund, Inc.
Morgan & Morgan Legal advised MMG Global Allocation Fund, Inc. in the conversion from a closed-end simple fund into a closed-end umbrella fund. The Fund is authorized to offer up to 500,000,000 of its participating shares in different classes, through the Latin American Stock Exchange.
Highlight
Morgan & Morgan Legal advised Green Tower in its registration as a REIT and initial IPO of shares
Morgan & Morgan Legal advised Green Tower Properties Inc. and its shareholders in the registration and conversion as a Real Estate Investment Trust and an initial public offering (IPO) of its shares through Latinex.
Highlight
Morgan & Morgan Legal advised Banistmo, S.A. in the registration of revolving corporate bonds
Morgan & Morgan Legal advised Banistmo, S.A. in the registration of revolving corporate bonds of Lion Hill Capital 2, S.A. for an amount of up to US$80 million.
Highlight
Morgan & Morgan Legal advised LAKI in the registration of US$40 million revolving commercial papers
Morgan & Morgan Legal advised Latin American Kraft Investments, Inc. in the registration of revolving commercial papers for an amount of up to US$40 million.
Highlight
Morgan & Morgan Legal advised LAKI in the registration of US$60 million revolving corporate bonds
Morgan & Morgan Legal advised Latin American Kraft Investments Inc. in the registration of revolving corporate bonds for an amount of up to US$60 million.
Highlight
Morgan & Morgan Legal advised CAF in the listing and placement of Series of Set-Up Fixed Rate Notes
Morgan & Morgan Legal advised Corporación Andina de Fomento in the listing and placement of a Series of Set-Up Fixed Rate Notes for an amount of up to US$200 million.
Highlight
Morgan & Morgan Legal advised Cochez y Cía, S.A. in the registration of revolving corporate bonds
Morgan & Morgan Legal advised Cochez y Cía, S.A. in the registration of revolving corporate bonds for an amount of up to US$90 million.
Highlight
Morgan & Morgan Legal advised Cochez y Cía, S.A. in the registration of revolving commercial papers
Morgan & Morgan Legal advised Cochez y Cía, S.A. in the registration of revolving commercial papers for an amount of up to US$10 million.
Highlight
Morgan & Morgan Legal advised MSFI, S.A. in the issuance of US$30 million common shares
Morgan & Morgan Legal advised Mercantil Servicios Financieros Internacional, S.A. in the issuance of common shares for an amount of up to US$30 million, successfully placed.
Highlight
Morgan & Morgan Legal advised MHFI, S.A. in the registration of US$100 million corporate bonds
Morgan & Morgan Legal advised Mercantil Holding Financiero Internacional, S.A. in the registration of corporate bonds for an amount of up to US$100 million.
Highlight
Morgan & Morgan Legal advised Supermercados Xtra, S.A. in the registration of US$45.5M common shares
Morgan & Morgan Legal advised Supermercados Xtra, S.A. in connection with the registration of common shares for an amount of up to US$45.5 million, successfully placed and sold in the secondary market of Latinex to almost 250 new investors.
Highlight
Morgan & Morgan Legal advised Banco General and Banistmo in a US$110 million public offering
Morgan & Morgan Legal advised Banco General, S.A., and Banistmo, S.A. in connection with the public offering and issuance by Fountain Hydro Power Corp. of corporate bonds for an amount of up to US$110 million.
Highlight
Morgan & Morgan Legal advised Supermercados Xtra, S.A. in a US$100 million bonds issuance
Morgan & Morgan Legal advised Supermercados Xtra, S.A. in connection with the offering and issuance of corporate bonds for an amount of up to US$100 million.
Press Release
Morgan & Morgan achieved the highest number of rankings for Panama in Chambers Latin America.
Morgan & Morgan has achieved the highest number of rankings for Panama in Chambers Latin America Guide 2022, the key reference point of Latin American top law firms.
Highlight
Morgan & Morgan advised Banistmo, S.A. in connection with a U$400 million public offering
Morgan & Morgan advised Banistmo, S.A. in connection with the public offering of senior secured notes for an amount of up to US$400 million issued through the ENA Master Trust
Highlight
Morgan & Morgan advised Electron Investment, S.A. in a public offering of corporate bonds
Morgan & Morgan represented Panamanian company Electron Investment, S.A. in the public offering of corporate bonds for a sum of up to US$ 205,000,000 (the “Bonds”) in relation to Pando and Monte Lirio, two hydropower generating facilities that it owns and operates.
Highlight
Morgan & Morgan advised the shareholders of Unity Group in a corporate restructuring and sale
Morgan & Morgan advised the shareholders of Unity Group, a holding company with subsidiaries engaged in insurance brokerage in Central America with operations in six countries, in a corporate restructuring and subsequent sale of its business to Willis Europe B.V.
Highlight
Morgan & Morgan advised Avianca Holdings, S.A. -Securities Purchase Agreement
Morgan & Morgan advised Avianca Holdings, S.A. in connection with a Senior Secured Convertible Securities Purchase Agreement for an amount of up to US$50 million
Highlight
Morgan & Morgan advised Avianca Holdings, S.A. in connection to certain Incremental Debt
Morgan & Morgan advised Avianca Holdings, S.A. in connection to certain Incremental Debt for an amount of up to US$75 million
Highlight
Morgan & Morgan advised Avianca Holdings, S.A. in connection with a Loan Agreement of up to US$250M
Morgan & Morgan advised Avianca Holdings, S.A. in connection with a Senior Secured Convertible Term Loan Agreement of up to US$250 million
Highlight
Morgan & Morgan advised Avianca Holdings, S.A. in Exchange Offer of Senior Notes for US$550,000,000
Morgan & Morgan advised Avianca Holdings, S.A. in launch and consummation of an exchange offer of the Company’s previously issued US$550,000,000 8.375% Senior Notes due 2020 for newly issued US$550,000,000 8.375% Senior Secured Notes Due 2020.
Highlight
Morgan & Morgan advised Grupo Mercantil in connection with the registration of common shares
Morgan & Morgan advised Grupo Mercantil in connection with the registration of 104,760,961 common shares of its Panamanian holding Mercantil Servicios Financieros Internacional, S.A.
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