By Aleesia Forni
Virginia Beach, Sept. 15 – The Republic of Panama priced $1.25 billion of 4% global bonds (Baa2/BBB/BBB) due 2024 with a spread of Treasuries plus 150 basis points, according to a market source.
The bonds priced tighter than price talk that had been revised to the 160 bps area over Treasuries from the 175 bps area.
The bookrunners were BofA Merrill Lynch and Citigroup Global Markets Inc.
Panama will use the proceeds to fund 2014 budgetary expenditures and may use a portion for pre-funding of the 2015 budget.
| Issuer: | Panama
|
| Amount: | $1.25 billion
|
| Description: | Notes
|
| Maturity: | 2024
|
| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc.
|
| Coupon: | 4%
|
| Price: | 99.275
|
| Yield: | 4.089%
|
| Spread: | Treasuries plus 150 bps
|
| Trade date: | Sept. 15
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
| Price talk: | Treasuries plus 160 bps area, tightened from Treasuries plus 175 bps area
|
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