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


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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.
In addition to the bond swap, Panama aims to improve its credit profile by reopening an existing issue by offering US$235 million of bonds that reach maturity in 2015.

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