Panama plans dual tap of global bonds due 2032 and 2060

By Rebecca Melvin

New York, Jan. 20 – The Republic of Panama plans to sell add-ons to its 2.252% bonds due Sept. 29, 2032 and 3.87% bonds due July 23, 2060, according to a 424B3 filing with the Securities and Exchange Commission.

The 2032 bonds will form a single series with the sovereign’s $1.25 billion principal amount of 2.252% bonds that were issued on Sept. 29, 2020.

The 2060 bonds will form a single series with $750 million of the notes that were issued on July 23, 2019 and $1 billion of the bonds that were issued on Sept. 29, 2020.

The 2032 notes are redeemable any time at par plus a make-whole premium of Treasuries plus 25 basis points until three months prior to maturity and then they are redeemable at par.

The 2060 bonds are redeemable at par plus a make-whole premium of Treasuries plus 20 bps until six months prior to maturity and then they are callable at par.

BBVA Securities Inc. and Morgan Stanley & Co. LLC are the joint bookrunners of the SEC registered deal.

Proceeds will be used for general budgetary purposes.

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