Panama: Securities Issuer Suspended

For "breaching the obligations of the issuer" the Stock Exchange has suspended indefinitely trading bonds and VNC's by the financial company La Generosa.

Friday, September 26, 2014

From a statement issued by the Panama Stock Exchange:

"... We wish to inform the public that, in addition to the suspension of trading of corporate bonds by Finanzas y Créditos del Hogar, S.A., for $ 4 million, effective yesterday, the stock market in Panama has decided to suspend from today and indefinitely, negotiation of corporate bonds and commercial negotiation values ​​(VCN's) by the issuer listed on the Exchange.

"... Note number 11 in the Audited Financial Statements up to December 31, 2013 provides that the assets transferred to trusts created with ABS Trust, Inc. do not cover 125% of the amount of bonds and VCN's issued and in circulation which is a condition agreed upon in the terms and conditions of the respective emissions and in the indenture. In turn, the note indicates that coverage is 76%. "

"... This constitutes a breach of the obligations of the issuer, which, according to the provisions set fourth in a clause of the Securities Listing Rules and the Stock Exchange Panama SA has resolved to suspend the negotiation of the aforementioned certificates.



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From a statement issued by the Stock Exchange:

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"Home Finance and Credit" Bonds Restructured

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The Panamanian company whose emissions were suspended in September 2014, has amended the terms of its bonds for $8 million, extending the deadline to 2019 and agreeing to pay principal and interest in tracts.

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Stock Negotiations Up 37% in Panama

October 2014

Between January and September $4.25 billion were traded in the stock market, up from the $3.093 billion traded in the same period in 2013.  

The months reporting the largest amounts were March, with $697.5 million and July, with $578.6 million, while the months reporting lower volumes were January at $317.9 million and February at $335.4 million.

Panama: El Alto Hydroelectricity Station to Issue $90 million in Bonds

May 2014

Hydro Caisán requested permission for its second corporate bond issue which it aims to use to restructure liabilities.

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