New Issue: Panama sells $2 billion of global bonds in tranches due 2030, 2060

By Marisa Wong

Los Angeles, July 18 – The Republic of Panama priced $1.25 billion of 3.16% global bonds (Baa1/BBB+/BBB) due Jan. 23, 2030 and $750 million of 3.87% global bonds due July 23, 2060 on Wednesday, according to FWP filings with the Securities and Exchange Commission.

The 2030 bonds priced at 99.982 to yield 3.162%, and the 2060 bonds priced at 99.939 to yield 3.873%.

Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the joint bookrunners with Citigroup as global coordinator for the SEC-registered bonds.

Proceeds will be used for general budgetary purposes.

Issuer:	Panama
Issue:	Global bonds
Amount:	$2 billion
Underwriters:	Citigroup Global Markets Inc. and J.P. Morgan Securities LLC
Pricing date:	July 17
Settlement date:	July 23
Expected ratings:	Moody’s: Baa1
	S&P: BBB+
	Fitch: BBB
Distribution:	SEC registered
2030 bonds
Amount:	$1.25 billion
Maturity:	Jan. 23, 2030
Coupon:	3.16%
Price:	99.982
Yield:	3.162%
Spread:	110 bps to 2.375% Treasury due May 15, 2029
Call option:	Prior to Oct. 23, 2029, make-whole call at discount rate of Treasuries plus 20 bps; after that, par
2060 bonds
Amount:	$750 million
Maturity:	July 23, 2060
Coupon:	3.87%
Price:	99.939
Yield:	3.873%
Spread:	130 bps to 3% Treasury due Feb. 15, 2049
Call option:	Prior to Jan. 23, 2060, make-whole call at discount rate of Treasuries plus 20 bps; after that, par

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