Arias, Fábrega & Fábrega acted as counsel to Banco Latinoamericano de Comercio Exterior, S.A. (BLADEX), in connection with the registration with the Chilean Securities and Insurance Supervisor (Superintendencia de Valores y Seguros de Chile) and the deposit with the Chilean clearing agency (Depósito Central de Valores) of a program for the issuance of bonds of Banco Latinoamericano de Comercio Exterior, S.A. in the aggregate principal amount of US$200 million.

This transaction set a historical financial precedent - it is the first time that a Panamanian issuer registers securities and raises funds in the Chilean capital markets.

Within a short period of time, ARIFA's legal team reached a general understanding of Chilean securities law that was relevant for drafting certain sections of the prospectus. At the same time, it was necessary for the firm to include in the prospectus a description of the most relevant features of the regulatory regime applicable to the bank in Panama, which covered certain topics that are not usually required for local registration of securities.