Arias, Fábrega & Fábrega, acted as special Panamanian counsel to Morgan Stanley & Co. Incorporated, as underwriter, in connection with successful sale by the Banco Nacional de Panamá, acting as trustee on behalf of the Fiduciary Trust Fund, as seller, of US$95.9 million of 6.7% 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.