By Taylor Fox
New York, Jan. 21 – The Republic of Panama priced a combined $2.45 billion of global bonds in reopenings of its bonds due 2032 and 2060 on Wednesday, according to FWP filings with the Securities and Exchange Commission.
Sold were $1.2 billion of 3.87% bonds July 23, 2060 (Baa1/BBB/BBB), which priced at 110.391 to yield 3.384%, or a spread of 155 basis points over Treasuries.
Also, $1.25 billion of 2.252% global bonds due Sept. 29, 2032 (Baa1/BBB/BBB) priced at 100.543 to yield 2.198%, or a spread of 112 bps over Treasuries.
BBVA Securities Inc. and Morgan Stanley & Co. LLC are underwriters for both issues.
Panama previously issued $1.75 billion of the 2060 bonds and $1.25 billion of the 2032 bonds.
Proceeds will be used for general budgetary purposes.
| Issuer: | Republic of Panama
|
| Issue: | Global bond reopenings
|
| Amount: | $2.45 billion
|
| Bookrunners: | BBVA Securities Inc. and Morgan Stanley & Co. LLC
|
| Pricing date: | Jan. 20
|
| Settlement date: | Jan. 27
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
|
|
| 2060 bonds
|
| Amount: | $1.2 billion reopening
|
| Maturity: | July 23, 2060
|
| Coupon: | 3.87%
|
| Price: | 110.391
|
| Yield: | 3.384%
|
| Spread: | 155 bps over U.S. Treasuries
|
| Call option: | Par plus a make-whole premium of Treasuries plus 20 bps prior to Jan. 23, 2060; par call afterward
|
| Total amount: | $2.95 billion, including $1.75 billion issued on July 23, 2019 and Sept. 29, 2020
|
|
|
| 2032 bonds
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| Amount: | $1.25 billion reopening
|
| Maturity: | Sept. 29, 2032
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| Coupon: | 2.252%
|
| Price: | 100.543
|
| Yield: | 2.198%
|
| Spread: | 112 bps over U.S. Treasuries
|
| Call option: | Par plus a make-whole premium of Treasuries plus 25 bps prior to June 29, 2032; par call afterward
|
| Total amount: | $2.5 billion, including $1.25 billion issued on Sept. 29, 2020
|
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