Panama launches US$500 million bond-swap
Panama has launched an offer to swap US$500 million of its bonds with maturities in 2011 and 2012 for cheaper, 20-year titles.
Tuesday, June 3, 2008
The 2011 and 2012 bonds have a coupon of 9.625 percent and 9.375 percent respectively. The new paper has a 9.735 percent coupon.
The Credit Default Swaps (CDS) for Guatemalan bonds is only 1%, confirming the perception of investors that the chance of a default is very remote.
The country announced its first sovereign bond issue in the Japanese market.
The interest rate rise in the US and the perceived risk of the Salvadoran economy have taken their toll on foreign debt bonds, whose yields have risen by about 2% in recent weeks.
Basing its decision on the progress being made in the economy in fiscal matters, Moody's has raised the outlook rating from positive to stable.
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