Arnold & Porter

Arnold & Porter remains a market leader in sovereign offerings. It has a long history in the field and has represented a multitude of sovereign states over the years, including many in Latin America. It has close connections to ministries of finance and central banks, along with state-owned companies and municipalities. In 2024, it advised Brazil, Colombia, El Salvador, Honduras, and Panama on sovereign finance deals totalling some $33bn. Among numerous headline deals, it represented the Federative Republic of Brazil on its $2bn inaugural sustainable bond; and advised the Republic of Panama and its Ministry of Economy and Finance on the financing of the construction of the fourth bridge over the Panama Canal, involving the issuance of a $119m offering of Series 2024-1 senior secured notes (due 2026) by an SPV (Panama Infrastructure Receivable Purchaser PLC). The firm has also made a further impression in social bonds. Gregory Harrington has an outstanding record in sovereign finance with a particular focus on Brazil, Colombia and Peru. Whitney Debevoise is equally highly-rated in sovereign offerings, particularly those originating in Brazil, Panama, El Salvador and Honduras. Panama native Raul Herrera, and counsels Arturo Caraballo and Carlos Pelaez are also key figures in the team. All named individuals are based in Washington DC.