Morgan & Morgan advised the Republic of Panama, Merrill Lynch, Pierce, Fenner & Smith Inc. and Morgan Stanley & Co. LLC in a tender offer of U.S. Global Bonds

Morgan & Morgan acted as Panamanian legal counsel to Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC, with respect to a tender offer by the Republic of Panama to bondholders of 3.875% Global Bonds due March 17, 2018, up to an additional US$253,988,000 aggregate principal amount of said 3.875% Global Bonds due March 17, 2018, and the issue by the Republic of Panama of up to U.S. $1,168,292,000.00 aggregate principal amount of 4.500% Global Bonds due March 15, 2047.

This cross-border transaction involved attorneys from Panama and the United States of America.

Partner Francisco Arias, senior associate Kharla Aizpurua Olmos and associate Ricardo Arias A., participated in the transaction.