Alemán, Cordero, Galindo & Lee‘s ‘extremely capable and sophisticated’ capital markets team is widely recognised for the depth and breadth of its practice, encompassing the public offering of corporate bonds, including registration with the Superintendency of Capital Markets (SMV) and listing on the Latin American Stock Exchange (Latinex), domestic notes issuances and cross-border issuances under Rule 144A/Reg S. The firm remains the first port of call for major Panamanian and international banks acting as arrangers, underwriters and issuers. Managing partner Arturo Gerbaud, who has a wealth of expertise in both local and international debt and equity capital markets transactions, leads the practice. The enviably deep bench includes Rafael Marquínez, who has notable recent experience of advising leading underwriters and issuers, Rita de la Guardia, who is also admitted to practise in New York and is particularly skilled in cross-border listings of debt securities, and associate Rafael Amar.

The capital markets practice at Arias, Fábrega & Fábrega is renowned for its stellar track record of advising on initial public offerings of Panamanian corporations, both locally and on the New York Stock Exchange (NYSE), and of acting for the underwriters on international bond issuances by the Republic of Panama. The team’s experience further extends to advising on cross-border Rule 144A/Reg S notes offerings and, recently, the first public issuance of green commercial paper in Panama. Its impressive client roster includes some of Panama’s largest banks, as well as major international financial institutions. Estif Aparicio, who has built considerable experience in international sovereign bond issuances, leads the team alongside co-managing partner Ricardo Arango, a high-profile name for debt and equity capital markets matters. The practice also benefits from the expertise of Fernando Arias F, Javier Yap Endara and international senior associates Donald Canavaggio and Cedric Kinschots.

Acting for major banks and leading Panamanian companies from the aviation, telecoms and real estate sectors, among others, Galindo, Arias & López's ‘agile' capital markets practice is adept at advising on high-value offerings of corporate bonds. In addition, the firm has a notable strong suit in regulatory and compliance matters, including registration with the SMV and listing on the Panamanian (and other) stock exchange. The team garners praise for its ‘in-depth knowledge of the local regulations and regional reach', frequently drawing on close connections with international firms to handle multi-jurisdictional mandates. ‘Excellent' practice head Cristina Lewis and experienced of counsel Carla López are well versed in both domestic and cross-border debt offerings, while Roberto De Araujo López, a former adviser to the securities regulators in Panama and Colombia, specialises in regulatory matters, routinely advising brokers and issuers.

Morgan & Morgan fields a diverse capital markets practice that attracts particularly strong praise for its ‘excellent knowledge of the area of ​​real estate investment trusts (SII)', frequently advising key players in the real estate industry on their conversion into SIIs, registration with the SMV and public offerings of shares. Also demonstrating strength in the mining and energy sectors, the team plays a prominent role in advising both issuers and underwriters on public bond offerings on Latinex (as well as international transactions) and is also active on the regulatory front. Ricardo Arias, the go-to adviser on SIIs, leads the team alongside Francisco Arias, who has extensive experience on both the transactional and regulatory side of capital markets matters. Other key names include Ana Carolina Castillo, a specialist in the energy sector, international associate Miguel Arias M., senior associate Alejandro Vasquez, and associate Arantxa Fernández.

The ‘excellent group of lawyers‘ at Alfaro, Ferrer & Ramírez has a strong presence in domestic debt offerings in the financial and real estate spheres, counting major local real estate developers and some of Panama’s largest banks among its clients – although the team is also able to advise on transactions with an international component. In addition to advising issuers, in particular, on the structuring of corporate bond and commercial paper programmes, as well as their registration with the SMV and listing on Latinex, the firm has a robust skill set in the structuring of public and private investment funds, particularly SIIs. María Alejandra Cargiulo, who maintains a broad practice spanning local and cross-border securities offerings and regulatory issues, leads the team alongside regulatory specialist Luis López Alfaro. Roberto Harrington and associate Ana Raquel Sedda are also key names to note.

Infante & Pérez Almillano launched its capital markets practice in 2021 through its merger with boutique firm Adural Abogados and the addition of Nadiuska López, a go-to adviser on high-profile IPOs in Panama, and former SMV superintendent Alejandro Abood, both of whom are hailed by clients for their ‘broad experience in complex and high-profile transactions' in Panama. The firm has an active practice advising issuers and underwriters, including brokers, banks, financial groups and real estate developers on bond issuances and IPOs, including registration with the SMV and listing on Latinex, as well as the creation of investment companies.

Quijano & Associates' 'reliable' team has a strong track record in both debt and equity capital markets transactions, with a notable emphasis on the real estate sector. The firm advises a growing client roster of local and regional banks, financial institutions, real estate developers and SIIs on share placements and debt issuances, including registration with the SMV and listing on Latinex, and is particularly active in representing issuers. Oliver Muñoz, who is also skilled in the structuring and registration of investment funds, leads the practice. Senior associate Luis Miguel Rojer provides capable support across the full range of capital markets matters.

Virtù Atelier Legal's ‘excellent' team is commended for its ‘vast experience' in both transactional and regulatory capital markets matters, advising local and international banks, brokers and investment funds. The team has recently advised on a steady stream of public offerings of corporate bonds, including one of the first green bond offerings in Panama, as well as assisting with the structuring and registration of SIIs. Practice heads Ana Lucrecia Tovar and Marelissa Quintero, who wins praise for her ‘great knowledge in regulatory matters', bring to bear extensive in-house experience at the securities regulator. Melissa Cortizo is also sought out for her advice to hospitality and tourism groups on financial structuring and securities issuances.