Arias, Fábrega & Fábrega advised Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC, acting as underwriters of a public offering by the Republic of Panama of U.S. $1,000,000,000 aggregate principal amount of 3.875% Global Bonds due 2028.

ARIFA has acted as counsel to underwriters in most international bond offerings of the Republic of Panama, since the Brady exchange program in 1996.