Panama to auction $200 million bonds on Jan. 25; deal may be upsized

By Marisa Wong

Madison, Wis., Jan. 20 - The Republic of Panama announced that it will hold an auction of domestic bonds on Jan. 25 and plans to issue $200 million principal amount of the bonds.

If the demand for the bonds is strong, the maximum issue size may be increased to $300 million.

The government said that proceeds of the offering will be used to finance budgetary requirements for its 2012 fiscal year.

Panama began an exchange offer for its 7¼% global bonds due 2015 on Tuesday.

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