Arias, Fábrega & Fábrega acted as counsel to Panama-based bank Banco Latinoamericano de Comercio Exterior, S.A. (Bladex), in connection with the euro notes worth UD$350 million issued in Luxembourg under its medium-term note programme. Holland & Knight LLP, acted as Bladex New York counsels.

Merrill Lynch, Pierce, Fenner & Smith and Citigroup were bookrunners, while Commerzbank acted as co-manager, whose external counsels for this transaction were Clifford Chance LLP in New York and Morgan & Morgan in Panama City.