By Reshmi Basu
New York, Nov. 18 - The Republic of Panama priced $980 million of bonds due January 2026 (Ba1/BB/BB+) at 98.192 with a 7 1/8% coupon to yield 7.295%, or 262.5 basis points over Treasuries, according to a market source.
Proceeds from the sale will be used to finance the country's concurrent debt swap. On Friday, Panama said it would buy back $815 million of global bonds maturing in 2008, 2011, 2012 and 2020.
Citigroup was the lead manager for offering of bonds, which are registered with the Securities and Exchange Commission, as well as the manager of Panama's debt swap.
| Issuer: | Republic of Panama
|
| Amount: | $980 million
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| Issue: | Global bonds
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| Maturity: | Jan. 29, 2026
|
| Coupon: | 7 1/8%
|
| Issue price: | 98.192
|
| Yield: | 7.295%
|
| Spread: | 262.5 basis points more than Treasuries
|
| Pricing date: | Nov. 18
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| Settlement date: | Nov. 29
|
| Lead manager: | Citigroup
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB
|
| Fitch: BB+
|
| Price guidance: | 262.5 bps more than Treasuries area
|
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