New Issue: Panama prices $1 billion 3 7/8% notes due 2028 at 205 bps spread

By Christine Van Dusen

Atlanta, March 10 – Panama sold $1 billion 3 7/8% 12-year notes at 99.015 to yield 3.979%, or Treasuries plus 205 basis points, on Thursday, a market source said.

Credit Suisse and Morgan Stanley were the bookrunners for the Securities and Exchange Commission-registered deal.

The proceeds will be used for general governmental purposes, including the refinancing of debt.

Issuer:	Panama
Amount:	$1 billion
Maturity:	March 17, 2028
Description:	Global bonds
Bookrunners:	Credit Suisse, Morgan Stanley
Coupon:	3 7/8%
Price:	99.015
Yield:	3.979%
Spread:	Treasuries plus 205 bps
Call:	Make-whole call at Treasuries plus 30 bps until Dec. 17, 2027, then at par
Trade date:	March 10
Settlement date:	March 17
Distribution:	SEC registered

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