New Issue: Panama prices $2.5 billion 4˝% global bonds due 2056 at par

By Marisa Wong

Los Angeles, March 27 – The Republic of Panama priced $2.5 billion of 4˝% global bonds (Baa1/BBB+/BBB) due April 1, 2056 at par on Thursday, according to an FWP filing with the Securities and Exchange Commission.

Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC are the underwriters.

Proceeds will be used for general budgetary purposes.

Issuer:	Panama
Issue:	Global bonds
Amount:	$2.5 billion
Maturity:	April 1, 2056
Underwriters:	Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC
Coupon:	4˝%
Price:	Par
Yield:	4˝%
Spread:	305.9 bps over 2 3/8% Treasury due Nov. 15, 2049
Call option:	Prior to Oct. 1, 2055, make-whole call at discount rate of Treasuries plus 50 bps; after that, par
Pricing date:	March 26
Settlement date:	April 1
Expected ratings:	Moody’s: Baa1
	S&P: BBB+
	Fitch: BBB
Distribution:	SEC registered

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