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Panama: bonds

Internal Debt
At December 31, 2012, Panama’s public sector internal debt represented approximately 24.4% of the total public sector debt. A substantial portion of total public sector internal debt is extended by public sector sources, such as CSS and official banking institutions, and BNP in particular. As of December 31, 2012, Panama’s public sector internal debt totaled approximately $3,482.8 million, an increase of $1,579.0 million from December 31, 2011. This increase was due to the issuance of $1,364.0 of a new domestic bond maturing in 2022, as part of the Market Makers Program. Panama’s public sector internal debt as a percentage of GDP was 9.6% as of December 31, 2012.
External Debt
As of December 31, 2012, total public sector external debt was approximately $10.8 billion, down from $10.9 billion as of December 31, 2011. Panama’s public sector external debt as a percentage of GDP was 29.7% as of December 31, 2012, as compared to 34.8% as of December 31, 2011. As of March 31, 2013, total public sector external debt was approximately $11.0 billion, up from $10.8 billion as of December 31, 2012. Panama’s public sector external debt as a percentage of GDP was 30.4% as of March 31, 2013, as compared to 29.7% as of December 31, 2012.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
USD 21 18 863 917 000
JPY 1 41 500 000 000
corporate
USD 649 14 507 907 000
CHF 3 185 000 000
JPY 1 8 000 000 000

News and comments

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Aeropuerto Internacional De Tocumen, 6% 18nov2048, USD - International bonds USP0092AAD11 6% 225 000 000  USD 05/03/2018 11/18/2048
Panama, 4.5% 16apr2050, USD - International bonds US698299BH68 4.5% 1 200 000 000  USD 04/09/2018 04/16/2050
Multibank, 4.375% 9nov2022, USD - International bonds USP69895AA12 4.375% 300 000 000  USD 11/06/2017 11/09/2022
Banistmo, 3.65% 19sep2022, USD - International bonds USP15383AC95 3.65% 500 000 000  USD 09/12/2017 09/19/2022
Banco General, 4.125% 7aug2027, USD - International bonds USP12651AB49 4.125% 550 000 000  USD 07/31/2017 08/07/2027
Banco Aliado, 4.5% 26jul2019, USD - International bonds XS1653173515 4.5% 37 500 000  USD 07/28/2017 07/26/2019
Banco Aliado, 4.3% 27jul2018, USD - International bonds XS1653173358 4.3% 25 000 000  USD 07/28/2017 07/27/2018
Multibank, 2% 11jan2021, CHF - International bonds CH0368697733 2% 100 000 000  CHF 07/11/2017 01/11/2021
Panama, 3.875% 17mar2028, USD - International bonds US698299BF03 3.875% 1 253 988 000  USD 05/05/2017 03/17/2028
Panama, 4.5% 15may2047, USD - International bonds US698299BG85 4.5% 1 168 292 000  USD 05/04/2017 05/15/2047

World Bond market statistics

Quarterly indices

Type IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016 II 2016
BIS volume of international-bond market of emerging countries
Panamanian international bonds, USD bln 22.700 22.600 21.500 20.300 20.100 19.800 19.800
BIS net issues of international-bond market of emerging countries
International-bond net issue of Panama, USD bln 0.100 1.100 1.100 0.200 0.400 0.000 0.600

New issues of Emerging markets International Bonds

Monthly indices

Type May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017
Emerging Markets International Bonds (Latin America)
New issues of Panama international bonds, USD bln 0.225 1.200 0.000 0.000 0.000 0.000 0.300
Number of Panama new international bond issues 1 1 0 0 0 0 1
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Yearly indices

Type 2017 2016 2015 2014
Annual new International Bonds issues (Latin America)
Annual new issues of Panama sovereign international bonds, USD bln 1.422 1.000 1.250 1.250
Annual new issues of Panama corporate international bonds, USD bln 1.422 1.000 1.250 1.250
Annual new issues of Panama corporate international bonds, (financial sector) USD bln 1.666 0.623 0.625 0.685
Annual new issues of Panama corporate international bonds, (non-financial sector) USD bln 0.000 0.650 0.750 0.000

Emerging Markets International Bonds

Monthly indices

Type May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017
Latin American International Bonds Markets
Panama international bonds, USD bln 20.996 20.771 19.802 19.803 19.801 19.743 19.740
Panama corporate international bonds, USD bln 20.996 20.771 19.802 19.803 19.801 19.743 19.740
Panama sovereign international bonds, USD bln 14.955 14.953 13.764 13.762 13.753 13.742 13.742
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Currencies

Daily indices

Type: 06/18/2018 06/15/2018 06/14/2018 06/13/2018 06/12/2018 06/11/2018 06/08/2018
Exchange Rates (Emerging Markets)
USD/PAB 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
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Credit Risk Indicators

Daily indices

Type: 06/15/2018 06/14/2018 06/13/2018 06/12/2018 06/11/2018 06/08/2018 06/07/2018
CDS Panama (Interactive Data)
CDS 6M Panama 12.6900 12.8700 12.8300 13.0600 13.0900 13.1800 13.2100
CDS 1Y Panama 18.5900 18.8400 18.7600 19.0800 19.1100 19.1800 19.2100
CDS 2Y Panama 26.8200 27.1900 27.0700 27.5400 27.5900 27.7000 27.7400
CDS 3Y Panama 37.6200 38.1400 37.9800 38.6400 38.7200 38.8900 38.9500
CDS 4Y Panama 54.5900 55.3300 55.1200 56.0800 56.2000 56.4600 56.5500
CDS 5Y Panama 73.3500 74.3200 74.0500 75.3500 75.5200 75.8800 76.0000
CDS 7Y Panama 98.5300 99.7000 99.3900 100.9600 101.1900 101.6500 101.7700
CDS 10Y Panama 121.6200 122.8400 122.5200 124.1800 124.4400 124.9600 125.0600
CDS 15Y Panama 148.5800 149.7100 149.4200 151.0400 151.3100 151.8500 151.8900
CDS 20Y Panama 162.6400 163.6900 163.4200 164.9900 165.2800 165.8100 165.8100
CDS 30Y Panama 177.4100 178.3300 178.0800 179.5600 179.8800 180.3900 180.3200
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JP Morgan

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
EMBI Global (publication was suspended since 30.10.2013) 
EMBI Global Panama * * * * * * *
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Panama, 1.810% 25jan2021, JPY   JPY 01/25/2021 05/18/2016 ***.*** *.** 05/18/2016 ***.**** *.**
Panama, 10.75% 15may2020, USD   USD 05/15/2020 05/18/2016 * 05/18/2016 *** *.**
Panama, 3.75% 16mar2025, USD   USD 03/16/2025 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Panama, 3.875% 17mar2028, USD   USD 03/17/2028 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Panama, 4% 22sep2024, USD   USD 09/22/2024 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Panama, 4.3% 29apr2053, USD   USD 04/29/2053 05/18/2016 **.* *.** 05/18/2016 **.** *.**
Panama, 5.20% 30jan2020, USD   USD 01/30/2020 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Panama, 6.70% 26jan2036, USD   USD 01/26/2036 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Panama, 7.125% 29jan2026, USD   USD 01/29/2026 05/18/2016 ***.* *.** 05/18/2016 ***.*** *.**
Panama, 8.125% 28apr2034, USD   USD 04/28/2034 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Panama, 8.875% 30sep2027, USD   USD 09/30/2027 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Panama, 9.375% 16jan2023, USD   USD 01/16/2023 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Panama, 9.375% 1apr2029, USD   USD 04/01/2029 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Aes Panama, 6% 25jun2022, USD   USD 06/25/2022 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Aes Panama, 6.35% 21dec2016, USD   USD 12/21/2016 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Banco General, 1.625% 18jun2018, CHF   CHF 06/18/2018 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Banco Latinoamericano de Comercio Exterior, 3.25% 7may2020, USD   USD 05/07/2020 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Banco Latinoamericano de Comercio Exterior, 3.750% 4apr2017, USD   USD 04/04/2017 05/18/2016 *** *.** 05/18/2016 *** *.**
Canal de Panama, 4.95% 29jul2035, USD   USD 07/29/2035 05/18/2016 *** *.** 05/18/2016 ***.** *.**
Empresa Nacional de Autopistas, 4.950% 25apr2023, USD (ABS)   USD 04/25/2023 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Global Bank Corp, 3% 26nov2018, CHF   CHF 11/26/2018 05/18/2016 **.** *.** 05/18/2016 ***.** *.**
Global Bank Corp, 4.750% 5oct2017, USD   USD 10/05/2017 05/18/2016 ***.*** *.* 05/18/2016 ***.*** *.**
Global Bank Corp, 5.125% 30oct2019, USD   USD 10/30/2019 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Minera Panama, 8.750% 1jun2020, USD   USD 06/01/2020 05/18/2016 **.*** **.* 05/18/2016 **.*** *.**
Tocumen International Airport, 5.75% 9oct2023, USD   USD 10/09/2023 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
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200 000
issues: local and international bonds
170
countries
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200 000
issues: local and international bonds
170
countries
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+7 812 336 97 21
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