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Banco Nacional de Panama to sell $95.85 million 6.7% Panama bonds
By Angela McDaniels
Tacoma, Wash., March 29 - Banco Nacional de Panama plans to sell $95.85 million of 6.7% amortizing global bonds due 2036 issued by the Republic of Panama through Morgan Stanley & Co. Inc., according to a 424B7 filing with the Securities and Exchange Commission.
Panama originally issued $1.36 billion of the bonds in January 2006 and priced a $450 million add-on in April 2007.
Banco Nacional de Panama is selling the non-callable bonds in its role as trustee of the Fondo Fiduciario para el Desarrollo.
Morgan Stanley will buy the bonds from Banco Nacional de Panama at 106.25 and then sell them to the public on a variable-price reoffer basis from time to time.
Banco Nacional de Panama will use the proceeds primarily to reinvest in securities.
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