By Rebecca Melvin
New York, April 9 – Panama priced $1.2 billion of 4½% notes (//BBB) due 2050 on Monday at 99.569 to yield 5.26%, or U.S. Treasuries plus 150 basis points, according to a market source.
Pricing of the new paper came at the tight end of guidance after being trimmed from initial price talk of Treasuries plus 175 bps.
Citigroup and Deutsche Bank were the bookrunners for the Securities and Exchange Commission-registered deal.
Application will be made to list the bonds on the Luxembourg Stock Exchange for trading on the Euro MTF Market.
The proceeds will be used for refinancing, repurchase and retirement of sovereign debt and for general budgetary purposes.
| Issuer: | Panama
|
| Amount: | $1.2 billion
|
| Maturity: | April 16, 2050
|
| Description: | Global bonds
|
| Bookrunners: | Citigroup and Deutsche Bank
|
| Coupon: | 4½%
|
| Price: | 99.569
|
| Yield: | 5.26%
|
| Spread: | Treasuries plus 150 bps
|
| Trade date: | April 9
|
| Settlement date: | April 16
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 150-155 bps, tightened from initial talk of Treasuries plus 175 bps
|
| Rating: | Fitch: BBB
|
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