Panama Issues Local Bonds
This is the first time the National Bank performs a local issue in a rolling program of up to $ 300 million.
Wednesday, December 1, 2010
The manager of the entity, Dario Berbey, said that "taking advantage of the current climate of interest rates, we are issuing the bonds to take advantage of the difference which occurs between the liabilities and assets at a time when we are providing long-term lending to major sectors of the country, boosting the economy and creating jobs in tourism, energy, infrastructure and agriculture.”
The proceeds obtained will be used to replace external with internal debt, via an exchange or payment for the global bond Panama 2015.
The National Highway Company (ENA in Spanish) has issued certificates on the stock exchange in order to raise funds for the South Corridor for the company ICA.
The Government of Panama is considering issuing $2 billion in debt in the local securities market.
The plan submitted to the Legislature provides for the issuance of up to $ 2.000 million in sovereign bonds over the next 10 years.
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