Capital markets in Panama

Alemán, Cordero, Galindo & Lee

Highlighted for its 'knowledge, availability and negotiating skills', the team at Alemán, Cordero, Galindo & Lee regularly advises the principal domestic and international banks operating in Panama on bond issuances. The team is also experienced in acting for financial sponsors, institutional investors and multinationals on local and international capital markets transactions and regulatory matters. Arturo Gerbaud, whose client base includes a number of leading banks, heads the practice. The experienced Eloy Alfaro and senior associates Rafael Marquínez, who is praised for his 'professionalism and extensive knowledge', and Rita de la Guardia, who has expertise in local and cross-border transactions, are also key contacts.

Practice head(s):

Arturo Gerbaud


‘In our experience, Alcogal’s assistance in capital markets transactions has been very professional. They always show a broad knowledge of the laws and procedures that are necessary for transactions of this kind.’

‘Rafael Marquinez stands out for his high level of professionalism and extensive knowledge of the subject, which allowed him to advise us accurately.’

‘A lot of experience and ability.’

‘Good client care, always available.’

‘They stand out for their knowledge of the capital markets, banking transactions and financial and market regulation.’

‘Knowledge, availability and negotiating skills.’

Key clients

AES Panama, S.R.L.

Banistmo S.A.

Banco General, S.A.

Prival Bank S.A.

Global Bank Corporation

Citigroup Global Markets Inc.


The Bank of Nova Scotia

Aeropuerto Internacional de Tocumen, S.A.

Citibank N.A. & Citivalores, S.A.

Work highlights

  • Advised Crédito Real, as issuer, on the issuance of $400m of corporate bonds due in 2026.
  • Advised Banco General, as agent, on three parallel corporate bond issuances by Istmus Hydro Power, Las Perlas Norte and Las Perlas Sur.
  • Acted as Panamanian counsel to Global Bank Corporation on a Rule 144A/Reg S bond issuance of $300m and a tender offer of $230m.

Arias, Fábrega & Fábrega

Arias, Fábrega & Fábrega acts on both debt and equity capital markets transactions, where its clients include leading domestic and international banks and financial institutions. The team is noted for its expertise in IPOs, regularly advising Panamanian companies on the listing of shares on the New York Stock Exchange. It also has experience advising on international bond offerings by the Republic of Panama, Rule 144A/Reg S offerings and securities regulation. The team is jointly led by the highly regarded Ricardo Arango and Estif Aparicio, who has extensive experience in securities regulation. Senior associates Cedric Kinshots and Donald Canavaggio, who both have expertise in international matters, are also noted.

Practice head(s):

Ricardo Arango; Estif Aparicio

Key clients


Citigroup Global Markets

Banco General S.A.

Global Bank

Banco Latinoamericano de Comercio Exterior, S.A. (Bladex)

Inter-American Development Bank (IDB)

Bank of America Merrill Lynch

JPMorgan Securities Inc.

Credit Suisse Securities (USA) LLC

Deutsche Bank

Bank of Nova Scotia, Scotiabank

Work highlights

  • Advised Citigroup Global Markets and JP Morgan Securities, acting as underwriters and initial purchasers, on a dual public offering of global bonds by the Republic of Panama.
  • Advised Morgan Stanley & Co, Goldman Sachs and Valores Banistmo, as initial purchasers, on the offering by the Republic of Panama of $1bn of Treasury notes.
  • Advised placement agents Goldman Sachs, JP Morgan, BNP Paribas, Morgan Stanley and Scotiabank on the $600m bond issuance by Cable Onda on the Luxembourg Stock Exchange.

Morgan & Morgan

The 'dedicated, knowledgeable and flexible' team at Morgan & Morgan has a strong track record in public offerings, the constitution and registration of investment funds (especially real estate investment trusts), and securities regulation. The team acts for both issuers and underwriters, including major local and international companies and financial institutions. The highly experienced Francisco Arias leads the practice with Ricardo Arias, who has expertise in cross-border securities transactions. The team also includes the highly regarded Kharla Aizpurúa, Roberto Vidal, who has experience in public and private offerings, and senior associate Pablo Epifanio, whose work includes advising on public offerings and the structuring of real estate investment trusts.

Practice head(s):

Francisco Arias; Ricardo Arias


‘The capital markets team at Morgan & Morgan has a lot of knowledge and experience in this area, which gives clients confidence. What makes the difference compared to other firms is the knowledge, availability and flexibility of the team.’

‘They are always available to assist with our queries and explain in detail the implications of the decisions that we could take in each case. The whole team is very good, especially Kharla Aizpurua.’

‘Morgan & Morgan has the best corporate lawyers in Panama.’

‘They are very dedicated, knowledgeable, flexible and available, and always make clients feel that they are being looked after.’

Key clients

Banco General


Banco La Hipotecaria

Cirsa Gaming Corporation

CM Realty

Corporacion Finanzas del Pais (Panacredit)

Credit Suisse

Deutsche Bank

Merrill Lunch

MMG Bank Corporation

Morgan Stanley & Co. LLC


AES Corporation

Empresa Nacional de Energia

Hidroelectrica Bajos del Totuma

Grupo Mercantil

Avianca Holdings


Inmobiliaria Nidaco

Work highlights

  • Acted as counsel to Parque Sur on the offering of a $100m senior secured notes programme.
  • Advised Avianca Holdings on an exchange offer of the company’s previously issued $550m 8.375% senior notes due 2020 for newly issued $550m 8.375% senior secured notes due 2020.
  • Advised MMG Bank Corporation on the structuring of Panama’s first public offering of a programme of revolving green bonds, issued by Corporacion Interamericana para el Financiamiento de Infraestructura (Cifi) for up to $200m.

Galindo, Arias & López

The 'dedicated' team at Galindo, Arias & López is highly experienced in public offerings of debt and equity securities and regulatory compliance. It also advises on the registration and trading of foreign entities on the New York Stock Exchange and in the local market. Roberto de Araujo López, who specialises in banking and securities regulation, leads the team, which also includes Cristina Lewis de la Guardia, who is noted for her expertise in the structuring and issuance of securities, and experienced senior associate Carla López, who is praised for her 'technical knowledge'.

Practice head(s):

Roberto de Araujo López


‘The team stand out for their accessibility: they are always available to respond to our concerns, whatever the means of communication. Among other things, they have excellent connections with the government entities and knowledge of any legislative changes.’

‘Roberto de Araujo and Carla Lopez have a personal touch. Working with them is like discussing your worries with friends. They are always available for meetings, calls and even online chats.’

‘They are very dedicated and ensure they bring all their support and technical knowledge to a case. They stand out from other firms principally because of their client service.’

‘Carla Lopez has good technical knowledge.’

Key clients

Cable Onda, S.A.

Desarrollos Comerciales, S.A.

Kadima Holdings, S.A.

Los Castillos Real Estate, Inc.

BAC Valores Panamá, S.A.

Mercantil Servicios Financieros S.A.

Copa Holdings, S.A.

Work highlights

  • Acted as Panamanian counsel to Cable Onda on the global offering of unsecured notes in the amount of $600m.
  • Advised Desarrollos Comerciales on its first public offering of $200m in corporate bonds and on the authorisations required by the regulator.
  • Advised Kadima Holdings on its first public offering of $90m in corporate bonds and on the authorisations required by the regulator.