Panama Issues $1.25 billion at 3.75% at 10 years

The issue in the international market had demand of 4.6 times and was placed with a coupon of 3.75%, 178 basis points above US Treasury bond for the same timeframe.

Thursday, March 12, 2015

From a statement issued by the Government of Panama:

The Republic of Panama today dabbled successfully in international bond markets through the placement of Global Notes Due in 2025 in the amount of $1.25 billion at a yield of 3.889%.

This is the lowest yield on which a bond issue has been placed by the Republic of Panama, denominated in dollars in international markets. Additionally, the coupon of 3.75% per annum, is also the lowest coupon achieved in the country's history in a dollar issuance.



More on this topic

Costa Rica Prepares Eurobond Issue

January 2015

The Ministry of Finance has started a process to contract an international bank to structure and place an issue of debt for an amount between $500 and $1 billion.

The Ministry of Finance started the process to place a new issue of sovereign debt this year, for an amount which, although not yet confirmed, will range between $500 and $1 billion.

Costa Rica Prepares New International Debt Issuance

March 2014

The government is working on a bond issue in the international market for $1 billion, with terms of between 10 and 30 years.

The bond issue was structured by the Bank of America, Merrill Lynch and Deutsche Bank according to information provided by Jordi Prat, Deputy Minister of Investment and Public Credit.

Costa Rica Places 12 and 30 year Eurobonds

April 2013

The interest rates on these bonds will be 4.5% for 12 years and 5.75% for 30 years.

The new issue of external debt bonds to be released by the Ministry of Finance this year will mature in 2025 and 2043.

As required by law, the maximum amount of the issue will be $1 billion.

Panama Issues Global Bonds for $750 million

April 2013

Bids were received worth $4.5 billion for the issue placed on the international market, due in the year 2053 with a fixed coupon of 4.30% per annum.

From a press release issued by the Ministry of Economy and Finance (MEF) of Panama:

The Republic of Panama returned to the international capital markets today with a successful issue a new global bond in the amount of $750 million maturing in 2053 with a fixed coupon of 4.30% per year, making it the sovereign instrument issued with the longest term and at the lowest cost in the history of the Republic. Bids were received for over $4.5 billion, more than 5.8 times the indicative amount of $750 million. Investors from the United States, Asia, Europe and Latin America participated in this issue. The results of this new issue reflect the confidence of the international financial community in Panama and it is a recognition of the economic and fiscal performance of our country.

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