Panama: Unión Fenosa Will Issue $50 Million

$50 million will be issued in negotiable corporate securities, to finance energy distribution subsidiary Edemet.

Monday, August 31, 2009

The Spanish corporation considers that Panama's securities market provides better conditions than the international market to satisfy Edemet's financing needs.

An article in quotes José Luis Fernández, financial director of the company: "...$50 million will be issued in a five year period, through $10 million issues. The term of the securities, still to be defined, will be between 30 days and a year. The director remarked that they intend to diversify their financing sources".

More on this topic

BCT Bank Issues $50 million in Panama

March 2013

The Corporate Commercial Securities will be issued in registered form, immobilized and represented by book entries, in denominations of $1,000 and multiples thereof, without coupons. reports that "the BCT Bank International, founded with Costa Rican capital, will enter the local stock market in search of $50 million in negotiable corporate securities (VCN by its initials in Spanish) as part of a strategy to finance the growth of its loan portfolio.

Low Cost Financing in Panama

October 2012

In recent years there has been a clear reduction in interest rates of local securities, including short, medium and long term bonds.

Statistics from the BVP (Panamanian Stock Exchange) indicate that as of September 30 of this year, the amount of corporate bonds in circulation totalled $4.3317 billion and negotiable corporate securities (VCN in Spanish, a short-term instrument) worth $349.7 million.

Panama monitoring sale of Union Fenosa to Gas Natural

January 2009

Edemet Edechi, the main electricity company in Panama, is 51% owned by Union Fenosa.

The National Public Services Authority of Panama reported that it is closely following the $25 million sale of the Spanish company, Union Fenosa, to another Spanish company, Gas Natural.

Ortega still waiting for seat on Fenosa board

April 2008

Nicaraguan President Daniel Ortega said his government is still waiting to have a seat on the board of the local unit of Unión Fenosa, as previously agreed with the Spanish power company.

Emilio Rappacioli, the energy minister, announced recently that Fenosa had agreed to the government taking a 16 percent stake and a seat on the board of the unit, which distributes electricity throughout Nicaragua.

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