The Notes are governed by English law and issued under CAF’s USD30,000,000 Medium Term Note Programme, yet have been admitted to listing and trading on the Panama Stock Exchange (Bolsa de Valores de Panamá) through the customary Panamanian auction process.
Clifford Chance teamed up with local firm Arias, Fabrega & Fabrega (ARIFA) for the Panamian law aspects of the transaction.
Clifford Chance’s team was led by partner Antonio Henriquez, head of the English law Capital Markets team in Madrid, with the support of associate Anna Buscaglia in Madrid and partner Jonathan Zonis in New York City. The ARIFA team was led by Estif Aparicio, with the support of Cedric Kinschots, Ana Quijano, and Jennifer Sales.