Alemán, Cordero, Galindo & Lee has ‘extensive experience‘ in capital markets matters, with a particular emphasis on the debt capital markets space. Besides its strength in international Rule 144A/Regulation S transactions, the team is frequently involved in large domestic corporate bond issuances. The practice predominantly acts for leading Panamanian and international investment banks and financial institutions, although it also advises issuers on bond offerings, listings and regulatory issues. Managing partner Arturo Gerbaud, who has a wealth of experience in acting for both underwriters and issuers in significant bond offerings, oversees the practice. Other notable contacts include Eloy Alfaro, who excels in structured finance and complex securitisations, and newly promoted partners Rita de la Guardia and Rafael Marquínez, both of whom are seasoned in international securities offerings.

The capital markets practice at Arias, Fábrega & Fábrega advises major international financial institutions and domestic banks on high-profile, cross-border and local debt offerings and securities regulation. The firm is highly regarded for its strong track record in sovereign bond issuances and initial public offerings by Panamanian corporations. Practice head Estif Aparicio has notable experience in complex financial structures, including bond offerings, to finance major infrastructure and construction projects, while co-managing partner Ricardo Arango is particularly recommended for structured finance, securitisations and initial public offerings (IPOs). Other key team members include international senior associates Donald Canavaggio and Cedric Kinschots.

Highlighted for its ‘superior knowledge‘ of capital markets matters, Galindo, Arias & López advises a wide range of domestic and international banks and corporations on high-profile debt and equity security offerings in Panama and abroad. In addition to its notable expertise in public offerings, the team is well known for advising on banking and securities regulatory and compliance matters, and assisting with registrations on the local stock market and the New York Stock Exchange. Regulatory issues and capital markets transactions in the aviation sector are among department head Cristina Lewis de la Guardia's core areas of expertise. Roberto De Araujo López stands out for his in-depth knowledge of securities regulation, whereas associate Carla López is particularly noted for debt capital markets mandates.

Morgan & Morgan brings its ‘vast experience‘ in capital markets matters to bear when advising on high-profile public and private offerings, including both local transactions and international Rule 144A/Reg. S offerings. In addition, the team is singled out for its niche expertise in the incorporation of real estate investment funds, where Ricardo Arias, who recently took on the role of practice co-head, is highly experienced. Its impressive client roster spans domestic and international banks, financial institutions and major corporations, particularly in the real estate sector. Francisco Arias, a key contact for capital markets transactions and regulatory matters, spearheads the group, which also features senior associate Ana Carolina Castillo and international associate Miguel Arias. Since publication, Castillo has been raised to the partnership – effective as of January 2023.

Alfaro, Ferrer & Ramírez‘s ‘excellent‘ capital markets team is highly experienced in public and private securities offerings, showcasing particular strength in debt transactions in the financial and real estate sectors. The team, whose broad service offering also covers securities regulation and compliance matters, provides support to clients ranging from leading domestic and international banks, to brokerage firms and investment advisers. María Cargiulo, who has considerable strength in complex securitisations, public and private offerings, and investment fund structuring, leads the practice with senior partner Luis López Alfaro, a regulatory and compliance specialist. Associate Ana Raquel Sedda provides key support in an array of capital markets transactions.

With considerable experience in public and private capital markets offerings, Icaza, González-Ruiz & Alemán offers advice to a diverse client roster comprising banks, multilateral agencies and corporations. Regulatory matters and licenses issues also feature on the team’s portfolio. Gabriel González-Ruiz jointly leads the practice with Michelle O de de la Guardia, who has longstanding experience in the structuring and issuance of public offerings. Luis Chalhoub is also a key contact; he marries expertise in corporate and banking law.

Quijano & Associates is particularly active in local capital markets transactions, with a recent focus on issuances in the tourism and real estate sectors, but also handles matters with a cross-border component. The team advises at each stage of a transaction, from registration at the Superintendency of the Securities Market to the listing of bonds on Panama’s stock exchange, and the restructuring of securities offerings. Oliver Muñoz leads the practice, with support from associate Luis Miguel Rojer.