Alemán, Cordero, Galindo & Lee fields a four-partner team capable of handling the full spread of capital markets matters, but is particularly renowned for its expertise in debt capital markets transactions, with an impressive recent track record in advising on both domestic bond issuances and cross-border Rule 144A/Regulation S offerings. In addition to advising local and regional issuers, the firm’s strong reputation in international matters makes it a preferred choice to act for foreign financial institutions. Managing partner Arturo Gerbaud, who has extensive experience advising both underwriters and issuers on complex bond offerings, leads the team. Rafael Marquínez, Patricia Cordero and Rita de la Guardia – all of whom were promoted to the partnership in 2022 – are also active members of the practice.

Arias, Fábrega & Fábrega‘s capital markets practice remains the first port of call to advise on international bond issuances, acting for a prestigious roster of foreign financial institutions and Panama’s largest banks. Its enviable list of recent mandates includes assisting the underwriters with multiple sovereign bond offerings by the Republic of Panama. In addition, the firm is commended for its longstanding experience in the IPOs of major Panamanian corporations, both locally and on the New York Stock Exchange. Thanks to its regulatory expertise, the team has also played an active role in the drafting of amendments to the Securities Law. The practice is led by the highly experienced duo of co-managing partner Ricardo Arango and Estif Aparicio, both of whom have strong profiles in international matters and are also admitted to practice in New York. Other names to note are up-and-coming partners Fernando Arias F and Javier Yap Endara, and international senior associates Cedric Kinschots and Donald Canavaggio.

Galindo, Arias & López‘ top-flight capital markets practice acts for a diverse domestic, regional and international client base, including leading financial institutions and key players in the aviation, telecoms and real estate sectors, drawing on firm-wide expertise in these areas. The firm has a strong presence in high-value public offerings of corporate bonds, and is equally adept at handling domestic and cross-border capital markets transactions. The team is also highly active on the regulatory front, frequently assisting major financial institutions in compliance matters; Roberto De Araujo López, who has extensive in-house experience with the Superintendence of Banks of Panama and Colombia, is a standout name in this field. Cristina Lewis heads the team and is well versed in transactional and regulatory capital markets matters, with an emphasis on the aviation sector. Highly experienced associate Carla López provides key support to both partners on the issuance of securities and related due diligence.

Morgan & Morgan‘s capital markets practice is particularly distinguished by its expertise in the constitution of Panamanian real estate investment trusts (SIIs) and their registration with the securities regulator, and is lauded by clients as ‘the leading law firm in Panama‘ in this space. The team, which receives further praise for its ‘knowledge, experience and diligence‘, also handles a high volume of public bond offerings on the Latin American Stock Exchange (Latinex) – including transactions with an international component – as well as advising on private issuances. Francisco Arias, who is skilled in advising both issuers and underwriters on capital markets transactions and regulatory matters, leads the team alongside Ricardo Arias, a specialist in SIIs. At the partner level, Roberto Vidal and Ana Carolina Castillo (an expert in energy-related matters) also play a prominent role in the practice, while international associate Miguel Arias M is the name to note at the junior level.

The capital markets practice at Alfaro, Ferrer & Ramírez is renowned for its ability to handle both transactional and regulatory matters. The team has a marked focus on debt offerings, particularly in the real estate sector, where it advises a growing number of developers on the use of capital markets structures to finance projects and acquisitions. In addition, it has a significant practice in the structuring and registration of investment funds, and is increasingly prominent in the fintech space. María Alejandra Cargiulo takes the lead on the transactional side of the practice, with strengths in public and private offerings and securitisations, and senior partner Luis López Alfaro focuses on compliance matters. Associate Ana Raquel Sedda provides capable support to both partners.

Icaza, González-Ruiz & Alemán advises a broad client portfolio of banks, multilateral institutions, private funds and corporations on the full range of capital markets matters, from public offerings on both the domestic and international markets to the licensing of brokerage houses and investment fund managers. The highly experienced Gabriel González-Ruiz, whose workload spans regulatory and transactional matters, is a key contact; other names to note include Michelle O de de la Guardia, who has additional expertise in trust-related issues, Luis Chalhoub and recently promoted partner Alfredo Fonseca.

Demonstrating strength in the real estate, tourism and retail sectors in particular, the team at Quijano & Associates is well versed in both debt and equity capital markets transactions, advising on share offerings, capital raises and bond issuances, including cross-border matters. The practice also handles registrations with the Superintendency of the Securities Market (SMV) and advises a high volume of clients seeking to obtain investment adviser licences from the regulator. Oliver Muñoz leads the team, bringing his notable previous in-house experience with the SMV. Senior associates Ileana Céspedes and Luis Miguel Rojer provide key support across the full range of capital markets matters.