Arias, Fábrega & Fábrega advised Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC, as initial purchasers and joint bookrunners, in connection with the first international Reg. S/Rule 144A offering by Banco Nacional de Panamá, a bank wholly owned by the Republic of Panama, of US$1,000,000,000.00 aggregate principal amount of its 2.50% Senior Notes due 2030.

This note offering was the first international note offering by a bank owned by the Republic of Panama and the largest by a Panamanian government-owned entity.

The 2.50% coupon was praised as a tremendous success of the transaction. The offering was completed during the global Covid-19 pandemic and provides Banco Nacional with the necessary funds to provide critical lending support to its private and corporate clients during such pandemic.

Banco Nacional de Panama is the main public bank of the country.