On 24 October, Bolsa de Valores de Panamá (BVP) launched its Guidelines for issuing Social, Green and Sustainable (SGS) Bonds, an important milestone towards the development of sustainable investment in Central American markets. It is the first report of its kind focused on the region.

For the past few decades, Panama has established public-private partnerships (“PPPs”) in projects as diverse as toll roads, water treatment plants, ports, telecommunications networks and the generation and distribution of electricity.

Morgan & Morgan acted as counsel to Grupo Mercantil in connection with the registration of 104,760,961 common shares of its Panamanian holding Mercantil Servicios Financieros Internacional, S.A. with the Superintendency of Capital Markets of Panama for its negotiation in the secondary market, shares that have been also listed on the Panama Stock Exchange since August 22, 2019.

Panama, August 26, 2019. Morgan & Morgan acted as counsel to Cirsa Enterprises S.L.U. in connection with the offering of €490,000,000 senior secured notes due 2025 with a floating interest rate of three-month EURIBOR (subject to a 0% floor) plus 362.5 basis points per year, reset quarterly, issued by Cirsa Finance International S.à.r.l., and to be guaranteed by the Cirsa Enterprises S.L.U. and, among others, Gaming & Services de Pan...

Law 37 of June 5, 2018, adds line 9 to article 709 of the Fiscal Code, which is related to the annual income tax deductions to which natural persons are entitled, regarding school expenses incurred by the taxpayer with respect to their dependents.

Panama, July 3, 2018. For the sixth consecutive year, Morgan & Morgan has received the “Leading Lights” recognition in Latin America for the Pro Bono program that the firm executes.

Panama, May 28, 2019. Morgan & Morgan acted as counsel to Cirsa Enterprises S.L.U. in connection with the offering of €390,000,000 4.750% senior secured notes due 2025, issued by Cirsa Finance International S.à.r.l., and to be guaranteed by the Cirsa Enterprises S.L.U. and, among others, Gaming & Services de Panama, S.A.

Effective May 2, 2019, Panamanian nationals holding ordinary passports and an approved multiple-entry visa can stay in China for tourism and business for up to 90 days, and vice versa. A reciprocal agreement has extended the allowable stay period from 30 days under this type of entry in both countries.

In the year 2000, the United Nations General Assembly designated April 26 as World Intellectual Property Day. The purpose of this is to highlight the role that intellectual property rights play in encouraging innovation and creativity.

As elsewhere, most securitisations carried out in Panama are structured in the following manner: a special purpose vehicle (SPV) is constituted by an originator that owns assets that it intends to securitise. The SPV performs an offering of securities (usually debt instruments such as bonds or notes) and uses the proceeds received from the offering to purchase the assets from the originator.