Arias, Fábrega & Fábrega acted as Panamanian counsel joint lead managers HSBC Securities (USA) and Global Bank Corporation, and HSBC Bank (Panama), acting as trustee to the ENA Norte Trust, for the US$600 million local bond issuance to partially finance the acquisition of Corredor Norte toll road concession by state-owned toll operator Empresa Nacional de Autopista (ENA) and its subsidiary, ENA Norte.

Partner Estif Aparicio, senior associate Julianne Canavaggio and associate Mónica Moreno comprised the team advising the Joint Lead Managers, while senior associate Rodrigo Cardoze and international associate Andrés Rubinoff advised the trustee of the ENA Norte Trust.

The US$647 million acquisition is part of the government's plan to improve infrastructure in the country. It is the largest bond offering in Panama's history.