Panama Places $323 Million in Foreign Debt

The Panamanian Government has reopened the 2015 global bond with a price of 101% which is equivalent to a yield of 7.041%.

Thursday, March 19, 2009

La Prensa of Panama reported that the goal is "to cover funding requirements under the General State Budget 2009 Act."

According to Felipe Champan, managing partner of the Indesa Firm, the terms of the placement were positive: "While the price obtained is somewhat less than the recent quotes that were reported in the markets earlier this week, it is still attractive and effective cost for the country."

More on this topic

Panama to Issue $500 Million in "Samurai" Bonds

November 2010

The country announced its first sovereign bond issue in the Japanese market.

"These securities, known as "samurai" will be placed among Japanese institutional investors, with the possibility of having a guarantee of up to 95% of the value of issuance by the Japan Bank for International Cooperation”, said the Panamanian Ministry of Economy and Finance in a statement to Invertia.com.

Panama Plans to Issue $500 Million Worth of Bonds in Japan

September 2010

The Panamanian government intends to issue the bonds in the Japanese capital markets.

Alberto Vallarino, Panama's Finance Minister, commented that his government is seeking to diversify its sources of finance, as well as raise the country's profile in Japan and Asia.

The Japanese yen-denominated bond market is currently going through a period of growth and activity, according to an article on BusinessWeek.com, which also notes that Panama will pay less interest on its yen denominated bonds than on it dollar ones, even after taking into account exchange rate differentials.

El Salvador Sells $200 Million in Bonds

June 2010

The operation, conducted in the local market, will help finance the country’s “Program for Supporting Social Policies”.

The 15-year securities will pay an interest rate of 6.7%, informed the treasury ministry.

“According to the institution, the issue was mostly bought by ‘small, individual investors’, who acquired the bonds through stock brokers; other purchasers were Retirement Funds”, reported Elsalvador.com.

Panama Sells $1 Billion Bonds

November 2009

The Government raised $1 billion through a 10-year bond offer, after an improvement in its sovereign debt ratings.

The new rating pushed the country to the verge of investment grade. Credit Suisse Group AG and Deutsche Bank AG were the underwriters.

"The securities were priced at 99.796%, with a yield of 5.224%, maturing in January 2020", reported Prensa.com.

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