New Issue: Panama sells $1 billion 5.2% 10-year bonds at Treasuries plus 187.5 bps

By Paul A. Harris

St. Louis, Nov. 16 - The Republic of Panama priced a $1 billion issue of 5.2% 10-year global bonds (expected ratings Ba1/BB+/BB+) at a 187.5 basis point spread to Treasuries on Monday, according to terms filed with the Securities and Exchange Commission.

The issue came at a 99.796 reoffer price, resulting in a 5.224% yield to maturity.

Deutsche Bank and Credit Suisse ran the books.

Issuer:	Republic of Panama
Amount:	$1 billion
Maturity:	Jan. 30, 2020
Securities:	Global bonds
Bookrunners:	Deutsche Bank, Credit Suisse
Coupon:	5.2%
Price:	99.796
Yield:	5.224%
Spread:	Treasuries plus 187.5 bps
Trade date:	Nov. 16
Settlement date:	Nov. 23
Expected ratings:	Moody's: Ba1
	Standard & Poor's: BB+
	Fitch: BB+
Distribution:	SEC registered

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