Shearman & Sterling represented Banco Citibank (Panama), S.A. (“Banco Citibank”) in its role as Issuer Trustee of the ENA Sur Trust, in connection with the Trust’s issuance of U.S.$170,000,000 5.75% Series 2011 Class A Notes due 2025 and U.S.$225,000,000 5.25% Series 2011 Class B Notes due 2025. The Notes are secured by the interests of the ENA Sur Trust in the rights of ENA Sur S.A. to receive tolls and certain other payments from the Corredor Sur toll road.

HSBC Securities (USA) Inc. and Global Bank Corporation served as the joint lead managers in connection with the offering.

The following Shearman & Sterling team advised Banco Citibank in the transaction: partners Manuel Orillac (New York-Capital Markets), Nathan Greene (New York-Investment Funds), Daniel Laguardia (New York-Litigation), and Paul Schreiber (New York-Investment Funds) and associates Jennifer Morton (New York-Capital Markets), Jason Gao (New York-Capital Markets), Marcus Valverde (New York-Capital Markets), Colin Cassedy (New York-Litigation) and Steve Homan (New York-Investment Funds).