By Rebecca Melvin
New York, Oct. 18 – The Republic of Panama priced a $550 million tap of its 4½% bonds due in 2050 at 93.479 to yield 4.915%, or Treasuries plus 155 basis points, according to a filing.
The deal size was increased from $500 million initially talked, and pricing was tight to guidance of 155 bps to 160 bps and initial talk in the Treasuries plus 160 bps area.
Deutsche Bank Securities Inc. 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. Total deal size is now $1.75 billion.
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.
| Issuer: | Panama
|
| Amount: | $550 million tap
|
| Maturity: | April 16, 2050
|
| Description: | Global bonds
|
| Bookrunner: | Deutsche Bank Securities Inc.
|
| Coupon: | 4½%
|
| Price: | 93.479
|
| Yield: | 4.915%
|
| Spread: | Treasuries plus 155 bps
|
| Trade date: | Oct. 18
|
| Settlement date: | Oct. 25
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 155-160 bps, tightened from initial talk of Treasuries plus 160 bps area
|
| Total deal size: | $1.75 billion
|
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