Morgan & Morgan

More informationMore information

Morgan & Morgan‘s capital markets practice is particularly distinguished by its expertise in the constitution of Panamanian real estate investment trusts (SIIs) and their registration with the securities regulator, and is lauded by clients as ’the leading law firm in Panama‘ in this space. The team, which receives further praise for its ’knowledge, experience and diligence‘, also handles a high volume of public bond offerings on the Latin American Stock Exchange (Latinex) – including transactions with an international component – as well as advising on private issuances. Francisco Arias, who is skilled in advising both issuers and underwriters on capital markets transactions and regulatory matters, leads the team alongside Ricardo Arias, a specialist in SIIs. At the partner level, Roberto Vidal and Ana Carolina Castillo (an expert in energy-related matters) also play a prominent role in the practice, while international associate Miguel Arias M is the name to note at the junior level.

Legal 500 Editorial commentary

Testimonials

Collated independently by Legal 500 research team.

  • ‘Morgan & Morgan advised us mainly on the subject of real estate investment trusts, and took us by the hand to help us become what we are today. The team is perhaps one of the main experts on the relevant procedures before the Superintendency of the Stock Market of Panama and the General Directorate of Revenue of Panama.’

  • ‘They surpass other firms on the subject of real estate investment trusts.’

  • 'Morgan & Morgan is the leading law firm in Panama in the area of SIIs. Their advice to us exceeded our expectations and was key to our success.'
  • 'The associates and partners at Morgan & Morgan get ahead of problems and propose practical solutions. They have extensive experience and can leverage various practice areas of the firm to address an issue.'
  • 'Knowledge, experience and diligence. Very accessible. When points or potential issues are raised, they are very diligent in providing solutions and/or alternatives.'

Key clients

  • Corporación Andina de Fomento (CAF)
  • Cochez y Cía
  • Mercantil Holding Financiero Internacional
  • Banco Nacional de Panama
  • Inmobiliaria Casas Grandes
  • Insignia Financial Group
  • Dream Properties
  • Grupo OTI (Fondo de Inversión Valle Lindo)
  • Grupo Roble
  • Desarrollo Inmobiliario del Este (Inversiones Bahía)
  • Universidad Francisco Marroquin
  • Banco Aliado
  • The Bank of Nova Scotia
  • Banco General
  • Banistmo
  • Banco Delta
  • Banco La Hipotecaria
  • Cirsa Gaming Corporation
  • CM Realty
  • Latin American Kraft Investments
  • Credit Suisse
  • Deutsche Bank
  • Merrill Lynch
  • MMG Bank
  • Morgan Stanley & Co
  • Global Bank Corporation
  • Sustainable Urban Revitalization Fund
  • Prima Sociedad de Inversión Inmobiliaria
  • MMG Fixed Income Fund
  • Supermercados Xtra

Work highlights

  • Advised Corporación Andina de Fomento (CAF) on the listing and placement through Latinex of a series of step-up fixed rate notes for an aggregate of $200m under the $30bn medium-term note programme.
  • Advised Cochez y Cía on the registration of revolving corporate bonds for an aggregate of $90m, under the abbreviated registration process for recurring registered issuers with the Superintendency of Capital Markets of Panama, in order for the issuer to publicly offer the bonds in multiple series.
  • Advised Mercantil Holding Financiero Internacional, an affiliate of Grupo Mercantil, on the registration of corporate bonds for an aggregate of $100m with the Superintendency of Capital Markets of Panama in order for the issuer to publicly offer the bonds in series.

Lawyers

Leading partners
The strongest partners in their field, leading on market-leading deals and endorsed by peers and clients alike.
Francisco Arias
Francisco Arias G. is currently a Partner at Morgan & Morgan and heads the Mergers and Acquisitions, Securities and Capital Markets, Intellectual Property, and Real Estate practice groups of the firm. Mr. Arias has over 20 years of legal experience, first in New York as an associate at Kronish, Lieb, Weiner & Hellman (today Cooley Kronish); and then in Panama as an associate and then a partner of Arias, Fábrega & Fábrega. He regularly advises clients in connection with the sale and purchase of businesses as well as joint ventures. During the last years, he has participated in transactions in several industries, including electricity generation, insurance, construction, real estate, hospitality, banking related services, shrimp farms, restaurants, retail, printing and editing, and non-alcoholic beverages, some with cross border components. Mr. Arias also has extensive experience in capital markets transactions including but not limited to capital raising through public and private offerings, capital markets regulatory work and listings on the Panama Stock Exchange. Furthermore, he has consolidated himself as a leading project finance lawyer in Panama, participating in the country’s most important transactions representing institutions involved in the principal projects in Panama such as the Panama Canal Expansion project. Chambers & Partners, IFLR 1000, Latin Lawyer, Legal 500 and LACCA have recognized Mr. Arias as a leading lawyer in banking and finance, corporate and M&A, capital markets and government contracts. Mr. Arias has been also involved in the pro bono activities of the firm playing an active role advising various NGOs on their legal issues. Mr. Arias obtained a B.A. in Economics from Ohio Wesleyan University (1986) and a J.D. from Georgetown University Law Center (1989). Francisco Arias is currently admitted to practice law in the Republic of Panama and was admitted to the bar of New York.
Next Generation Partners
Junior partners with significant recognition from clients and peers in the market and key roles on multiple matters.
Ricardo Arias
  Ricardo Arias is a Partner in the corporate law department and co-heads the Securities and Capital Markets practice. Mr. Arias focuses primarily on complex securities transactions some involving cross-border components and usually involving dollar amounts in the millions.  He has worked on a broad range of public and private transactions for investment banks, financial institutions and companies in a number of industries, including energy, banking, real estate, education, private funds, gaming, automotive, aviation, among others.Mr. Arias also regularly counsels on transactions related to banking, M&A and project finance. He has represented local and foreign lenders as well as local and foreign developer/borrowers in secured and unsecured financings and project financings.He also specializes on setting up investment companies, including Real Estate Investment Funds (REITs); and is recognized for his participation in the first ever public offering of revolving Green Bonds issued in the Republic of Panama.Mr. Arias has been recommended by Chambers & Partners as a leading lawyer in Capital Markets, an collaborate with publications in the securities sector.  

Practice head

The lawyer(s) leading their teams.

Francisco Arias, Ricardo Arias