By Christine Van Dusen
Atlanta, March 12 – Panama shared more details on the $1.25 billion notes due March 16, 2025 (Baa2/BBB/BBB) that priced on Wednesday at 99.857 to yield 3.889%, or Treasuries plus 178 basis points, a market source said.
The notes were talked at a spread in the 200 bps area.
BofA Merrill Lynch and Deutsche Bank were the bookrunners for the Securities and Exchange Commission registered-deal.
The sovereign can redeem the notes prior to Dec. 16, 2024 in whole or in part at a redemption price of 100% of the principal amount and the sum of remaining scheduled payments at Treasuries plus 25 bps.
The proceeds will be used for general budgetary purposes and for liability management transactions.
Issuer: | Panama
|
Amount: | $1.25 billion
|
Maturity: | March 16, 2025
|
Description: | Notes
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Bookrunners: | BofA Merrill Lynch, Deutsche Bank
|
Coupon: | 3¾%
|
Price: | 99.857
|
Yield: | 3.889%
|
Spread: | Treasuries plus 178 bps
|
Make-whole call: | Treasuries plus 25 bps prior to Dec. 16, 2024
|
Trade date: | March 11
|
Settlement date: | March 16
|
Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: BBB
|
| Fitch: BBB
|
Distribution: | SEC registered
|
Price talk: | Treasuries plus 200 bps area
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