Arias, Fábrega & Fábrega acted as Panamanian counsel to Banco Latinoamericano de Comercio Exterior, S.A. (Bladex), a leading export financing bank in Latin America and one of the largest banks in Panama by assets, in connection with the registration and issuance of unsecured Negotiable Banking Certificates (Certificados Bursátiles) in the aggregate principal amount of 1 billion Mexican Pesos, or its equivalent in Euros or UDIs, in Mexico. These instruments were registered with the Mexican National Banking and Securities Commission (Comision Nacional Bancaria y de Valores de Mexico) and have been listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A.B. de C.V.).

Bladex will determine the specific terms and conditions of each series of Negotiable Banking Certificates, including interest, upon issuance. The first series hit the market on March 22, for 2 billion Mexican Pesos.

ARIFA's legal team had to obtain regulatory and banking approvals in Panama for the issuance by a Panamanian Bank in Mexico. The team also had to reach a general understanding of the relevant Mexican securities laws in order to draft certain sections of the prospectus and other disclosure documents, including relevant features of the regulatory regime applicable to Bladex as a bank in Panama, which cover topics that are not usually required for local (i.e., in Panama) registrations of securities.

This is the second time that a Panamanian issuer, advised by ARIFA, has registered in Mexico and raised funds in the Mexican capital markets. The first ARIFA client to do so was HSBC Bank (Panama), S.A., which accessed Mexico’s markets in 2011.

For the Mexican capital markets, this transaction represents its continued regionalization and development. It is a signal that foreign banks are increasingly electing to secure financing for their operations via Mexico's capital markets instead of the more traditional financial centers.