Banco Nacional de Panama Issues $1 Billion in Bonds

In an auction process in which more than 200 investors from different parts of the world participated, the bank placed the debt at a rate of 2.5% for a 10-year term.

Wednesday, August 5, 2020

This transaction is the first international bond issue in the capital markets of Banco Nacional in its almost 116 years of existence and represents the largest issue that any Panamanian financial institution has made.

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The National Bank's press release dated August 5 explains that an overdraft of $4.8 billion was achieved and that the placement of this issue was carried out by Credit Suisse and Goldman Sachs, covering the markets of the United States, Europe, Asia and Latin America.

See "Credits: Potential Market in the Region"

Javier Carrizo Esquivel, General Manager of Banco Nacional de Panama, explained that "... It is the largest issue and at the lowest rate obtained by a financial entity in the country. This is truly a historic day, since in the context of this pandemic, the full confidence of the capital markets in Panama has been demonstrated. We left with an issue of up to $1 billion, approved by our Board of Directors and the Cabinet Council, and we have achieved a demand of almost 5 times more."

According to studies conducted by CentralAmericaData, at a regional level about 16 million people are looking to hire financial services over the Internet, of this group of consumers, 10% are located in Panama.

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Financial Services in Latin America

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Economy and Development Report by CAF - Development Bank in Latin America -entitled Financial Services for development: promoting access in Latin America.

From the introduction of the first chapter of the report:

Access to financial services - Development and Welfare

Why could access to financial services be an important factor for economic development and welfare in Latin America? A first important aspect is that financial institutions have the mission to attract domestic savings, and possibly also those from external sources, to finance both working capital (liquidity needs) such as business investment (physical capital). Meanwhile, families also require credit to finance investment or expenditure needs (e.g. children's education or purchase of durable goods), whose timing may not coincide with the availability of current income or savings.

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