By Marisa Wong
Los Angeles, Sept. 23 – The Republic of Panama priced $1.25 billion of 2.252% global bonds due 2032 and an additional $1 billion of its 3.87% global bonds due 2060, according to FWP filings with the Securities and Exchange Commission.
The new 2032 bonds (Baa1/BBB+/BBB) are priced at par to yield 2.252%, or a spread of 158 basis points over Treasuries.
The republic priced the add-on 2060 bonds (Baa1/BBB+/BBB) at 112.915 to yield 3.278%, or Treasuries plus 185 bps.
The 2060 bonds are a further issuance of, and will be consolidated to form a single series with, the outstanding $750 million of 3.87% bonds due 2060 issued on July 23, 2019.
Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC are the joint bookrunners for both SEC-registered issues.
Proceeds will be used for general budgetary purposes and liability management transactions.
| Issuer: | Republic of Panama
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| Issue: | Global bonds
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| Amount: | $2.25 billion
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| Bookrunners: | Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC
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| Pricing date: | Sept. 22
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| Settlement date: | Sept. 29
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Fitch: BBB
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| Distribution: | SEC registered
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| 2032 bonds
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| Amount: | $1.25 billion
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| Maturity: | Sept. 29, 2032
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| Coupon: | 2.252%
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| Price: | Par
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| Yield: | 2.252%
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| Spread: | 158 bps
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| Call option: | Make-whole call at Treasuries plus 25 bps at any time prior to June 29, 2032; par call after that
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| 2060 bonds
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| Amount: | $1 billion add-on
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| Maturity: | July 23, 2060
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| Coupon: | 3.87%
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| Price: | 112.915
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| Yield: | 3.278%
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| Spread: | 185 bps
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| Call option: | Make-whole call at Treasuries plus 20 bps at any time prior to Jan. 23, 2060; par call after that
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| Total issuance: | $1.75 billion, including $750 million issued on July 23, 2019
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