Following the suspension of operations in June, the Banco Universal de Panama entered into an organizational process that culminated with the sale of assets and liabilities of the company.
The invitation to participate in the expressions of interest was issued to all banking institutions with a general license in the Panamanian banking system. The finalists in this auction, as reported Prensa.com, are Canal Bank and Lafise.
The entity is preparing, for the March 18, to place corporate debt at a 2 year term and a net rate of 5.25%, via auction on the National Stock Exchange.
From a statement issued by FCCA Investment Banking:
On Wednesday March 18 Banco Lafise Costa Rica a member of the prestigious Lafise Group with operations in Central America and the Caribbean, will auction on the National Stock Exchange 10-year bonds for $10 million, at a 5.25% rate, quarterly risk rating (SCR AA-) and (PCR AA).
The risk premium demanded by investors for the Costa Rican international bond due in 2023 rose from 2.10% to 2.56% between June and September 2014.
Investors could be moving towards a degradation of the sovereign rating of the country, a possibility already suggested by Fitch rating agency.
An article on Nacion.com reports that "... Since last June, the extra rate of return that foreign savers demand for Costa Rican Government's securities in respect to United States Treasuries (so-called risk premium or margin) has gone. "
Multibank has become the third bank to join the Panamanian Facilitation of Foreign Trade Financing Program (TFFP).
Through TFFP, the IDB offers guarantees to cover letters of credit, promissory notes, bid bonds, performance bonds, advance payment bonds and other instruments used in International Trade transactions.
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