Panama guides $500 million tap of 4½% bonds due 2050 to yield Treasuries plus 155 bps-160 bps

By Rebecca Melvin

New York, Oct. 18 – Panama guided pricing for its planned $500 million tap of its 4½% bonds due in 2050 to yield Treasuries plus 155 basis points to 160 bps, according to market source.

Pricing was tightened from initial talk in the Treasuries plus 160 bps area.

Deutsche Bank is the bookrunner for the Securities and Exchange Commission-registered deal, which will form one series with the original $1.2 billion of 2050 notes, which priced in April at a yield spread of Treasuries plus 150 bps.

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 budgetary purposes.

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