ARIAS, FABREGA & FABREGA has built one of the preeminent legal practices in the area of capital markets in Panama. The firm advises the largest financial institutions around the world, as well as the largest Panamanian banks and broker dealers.
The firm is widely acclaimed for its unparalleled experience in working with complex and innovative financial structures, particularly in the context of cross-border transactions and it has contributed to the development of many financial structures and instruments that are commonplace in Panama today.
ARIFA'S experience in sovereign debt is second to none, having acted as local counsel to underwriters in connection with all international bond issues of the Republic of Panama since the 1996 Brady restructuring.
The firm also has a leading expertise in initial public offerings of Panamanian corporations and has acted as counsel to either underwriters or issuers of five Panamanian corporations whose shares have been or are listed on the New York Stock Exchange, including Bladex, COPA, Panamco, Willbros and Syntex.
In the area of infrastructure and project finance, the firm has developed complex financial structures to finance the largest hydroelectric, toll-road and construction projects in the country, including arranging bond offers for ICA, Pycsa, AES, Fortuna, Elektra, Madden-Colon, the Coastal Highway and the Trump Tower.
ARIFA also has unmatched expertise in securitizations. It structured the first securitizations of credit card receivables, remittances, export trade receivables, residential mortgages and toll-road payments in Panama.
Since the creation of the Panama Stock Exchange in 1990, the firm has advised more clients than any other local law firm in connection with debt and equity offers in the Panamanian capital market. ARIFA lawyers have played a leading role in the development of the local capital market. One partner of the firm headed the Presidential Commission that drafted the country's current securities act. The firm also drafted the rules of operation of LatinClear, Panama's custody and clearing agency. Several ARIFA lawyers sit on the Board of Directors of the Panama Stock Exchange and local securities firms.
The expertise of the lawyers in this area extends to the negotiation and drafting of medium-term note programs, commercial paper programs, indentures, paying agency and transfer agreements, subscription agreements, offering memoranda, terms and conditions of instruments, collateral trust agreements and other types of security interests.
The firm also has extensive experience in representing clients before securities regulators and handling securities related claims and litigations.
Citibank, Credit Suisse, Bank of America Merrill Lynch, JPMorgan Chase, Wells Fargo/Wachovia, Morgan Stanley, Goldman Sachs, UBS, Unicredit, BNP Paribas, Deutsche Bank, Standard Chartered Bank, WestLB, Bancolombia, Banco Centroamericano de Integración Económica, Banco Latinoamericano de Exportaciones, Banco General and La Hipotecaria.