Chicago, June 30 – The Republic of Panama (Baa2/BBB/BBB-) priced $1.25 billion of 3.362% local Treasury bonds due 2031, Bonos del Tesoro, that will be denominated in U.S. dollars, according to a press release.
Proceeds will be used for general budgetary purposes and to fund the one-day tender offer for the republic’s 4% global bonds due 2024, conducted on June 23.
HSBC Securities (USA) Inc., Santander Investment Securities Inc., Scotia Capital (USA) Inc. and Valores Banistmo SA were initial purchasers for the Rule 144A and Regulation S offering.
The new Treasury bonds will be listed on the Panama Stock Exchange.
| Issuer: | Republic of Panama
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| Issue: | Treasury bonds
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| Amount: | $1.25 billion
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| Maturity: | 2031
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| Bookrunners: | HSBC Securities (USA) Inc., Santander Investment Securities Inc., Scotia Capital (USA) Inc. and Valores Banistmo SA
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| Coupon: | 3.362%
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| Trade date: | June 29
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| Settlement date: | June 30
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| Distribution: | Rule 144A and Regulation S
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