Arias, Fábrega & Fábrega acted as counsel to Morgan Stanley & Co. Incorporated, as arranger, in connection with a US$160 million issue of 7.170% subordinated notes due 2022 of Banco de Crédito del Perú, Panama Branch. The notes were issued by the Panama branch of the bank and therefore were subject to local banking regulations and local bankruptcy laws.

The firm advised the arranger in structuring the deal and in all aspects of Panamanian law. 

This was the first time that the Panamanian branch of a Peruvian bank issued notes in the international capital markets.