Continuing its participation in the international sovereign bond issuances by the Republic of Panama prior, during and after the pandemic, Arias, Fábrega & Fábrega has had the privilege to participating in the recent bond issuances:

1. US$ 2.5 billion global bond offering made by the Republic of Panama structured by Citigroup Global Markets Inc and J.P. Morgan Securities LLC (US$ 1 billion due 2033 and US$ 1.5 million due 2063).

2. US$ 1 billion global bond offering made by the Republic of Panama structured by Bank of America and HSBC Securities, and tender offer.