The 'highly qualified' team at Alemán, Cordero, Galindo & Lee is active across the gamut of capital market transactions in Panama, including domestic and cross-border, private and public listings of debt and equity securities, and liability management mandates for a range of clients including multinational investment banks. The firm is a point of call for leading firms in New York and London seeking local counsel in Panama, with lawyers specialising in securitisations, as well as representing Panamanian and Central American issuers, including financial institutions. Arturo Gerbaud and Rafael Marquínez co-lead the practice, with Marquínez playing an active role in advising clients on capital market transactions, having represented underwriters in the local market. Rita de la Guardia is experienced in local and international capital market deals and cross-border listings of debt securities, while Rafael Amar supports Marquínez in a wide range of capital market deals.

Arias, Fábrega & Fábrega‘s capital markets team offers a full range of services to clients, from pioneering and developing financial structures and instruments to serving domestic and international financial institutions in cross-border transactions. Of particular note, the firm advises clients in connection with 144-A Reg. S offers, initial public offers and securitisations. Estif Aparicio heads the practice, and Ricardo Arango is a key contact.

After experiencing a significant period of growth, Galindo, Arias & López established a standalone capital markets practice, forming part of the firm’s diverse offering. The group is experienced in handling cross-border capital markets transactions and public offerings, where it has a strong track record in the aviation sector. Team members, including head of the banking department Roberto De Araujo López, are adept at guiding clients through capital market regulations, aiding clients in ensuring compliance with the Panamanian legal framework and reducing regulatory risks. Cristina Lewis leads the team and specialises in the structuring and issuance of commercial securities, having advised key market players across a broad range of industries including banking, aviation and renewable energy. Of counsel Carla López is experienced in advising local and multinational companies on matters related to securities issuance and regulatory compliance.

At the forefront of securities and capital markets matters since Panama’s securities laws were revamped in 1999 and 2011, Morgan & Morgan offers a vast range of capital markets services, including public and private offerings, as well as assisting clients in various transactions and in obtaining a variety of licenses from the Superintendence of Capital Markets. Francisco Arias co-heads the department alongside Ricardo Arias, both of whom have played an active role in developing capital market regulations and systems within Panama, while Ana Carolina Castillo advises both issuers and arrangers on debt and equity issues across a variety of different industries. International associate Miguel Arias M assists the partners in a variety of capital markets transactions.

Alfaro, Ferrer & Ramírez is active in assisting clients with all legal issues that arise during securities transactions, with the team frequently representing underwriters and fund managers in the structuring, registration and listing of private and public securities offerings. The firm has strong knowledge of debt-related offerings in the financial and real estate industries, often involving cross-border elements requiring coordination with multiple regulatory bodies. Luis Lopez Alfaro and María Alejandra Cargiulo co-lead the practice, with Cargiulo experienced in handling a broad range of financial and regulatory matters including financing structures, securitisations, and private and public securities offerings. Associate Ana Raquel Sedda is active in handling matters related to the registration and structuring of securities offerings before the local securities regulator.

With the capability to service clients across the world through its offices in Switzerland, BVI, Belize and The Bahamas, Quijano & Associates is known for its 'good knowledge of the legal practice of international capital markets'. The services provided range from corporate bond structuring to advising on venture capital structuring and corporate bond issuances. Oliver Muñoz heads the practice and is experienced in structuring and registering investment funds, while senior associate Luis Miguel Rojer is active across loan structuring and the structuring and registration of shares.

Led by Alejandro Abood and Nadiuska López, Infante & Pérez Almillano handles the full range of capital markets transactions, including equity and debt offerings, and the structuring and registration of investment funds. A key highlight for the firm included being involved in Panama’s first e-investment fund for Arka Group, a fintech company, which resulted in a landmark no-objection approval through the Superintendency of the Security Market.

Virtù Atelier Legal offers a broad range of services within capital markets, with recent work covering securities transactions and the first public issuance of green bonds in Panama. Ana Lucrecia Tovar co-leads the practice alongside Marelissa Quintero, both of whom benefit from their previous experience working within Panama’s financial sector, with Tovar previously holding a key position in the Superintendency of the Securities Market and Quintero having been appointed as the Superintendent of the Securities Market in 2015.