Arias, Fábrega & Fábrega advised The Inter-American Development Bank (IDB), the leading provider of development financing to Latin American and the Caribbean, and in a minor role to Citigroup, in the issuance of US$1 billion Callable Step-Rate Bonds through the Panama Stock Exchange, due September 26, 2048. The bonds were purchased by Citigroup Global Markets Inc.

This first issuance of securities by the IDB in the local securities market will for sure pave the way for other multilaterals to place notes in the Panamanian Market,

Special issues had to be considered by ARIFA legal team given the particular nature of the IDB regarding the listing in the Panama Stock Exchange.