Arias, Fábrega & Fábrega, acted as special Panamanian counsel to Credit Suisse Securities (USA), as underwriter, in connection with successful sale by the Banco Nacional de Panamá, as trustee, on behalf of the Fiduciary Trust Fund, as seller, of US$62.2 million of 8.125% Global Bonds due 2027, issued by the Republic of Panama.

The sale of the Global Bonds was made under the Republic's -shelf Registration, resulting in a capital gain for the Fiduciary Trust Fund.