Arias, Fábrega & Fábrega has advised Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC, acting as underwriters in connection with a US$ 2.5 billion aggregate principal amount of 4.50% Global Bonds offering due 2056 of the Republic of Panama; the first of its kind by a Latin American Sovereign during the global COVID-19 pandemic.