Arias, Fábrega & Fábrega advised Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, acting as underwriters, in connection with a dual public offering by the Republic of Panama of US$1.25 billion aggregate principal amount of 3.160% Global Bonds due 2030 and US$750 million aggregate principal amount of 3.870% Global Bonds due 2060.

The combined offering of US$2 billion aggregate principal amount of Global Bonds represents the largest single-day public offering of sovereign debt in Panama’s history.