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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 19 767 917 000
JPY 1 41 500 000 000
corporate
USD 641 15 342 566 000
JPY 1 8 000 000 000
EUR 1 1 000 000 000
CHF 1 100 000 000

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.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Banco La Hipotecaria, 5.5% 15sep2023, USD - International bonds USP1384LAJ90 5.5% 11 000 000  USD 11/27/2018 09/15/2023
Promerica Financial Corporation, 9.7% 14may2024, USD - International bonds USP7922BAA63 9.7% 200 000 000  USD 11/08/2018 05/14/2024
Aeropuerto Internacional De Tocumen, 6% 18nov2048, USD - International bonds USP0092AAD11 6% 875 000 000  USD 11/07/2018 11/18/2048
Panama, 4.5% 16apr2050, USD - International bonds US698299BH68 4.5% 1 750 000 000  USD 10/18/2018 04/16/2050
Banco Bilbao Vizcaya Argentaria(Panama), 5.875% perp., EUR - International bonds ES0813211002 5.875% 1 000 000 000  EUR 09/18/2018
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
Multibank, 2% 11jan2021, CHF - International bonds CH0368697733 2% 100 000 000  CHF 07/11/2017 01/11/2021

World Bond market statistics

Quarterly indices

Type: I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of emerging countries
[10277] Panamanian international bonds, USD bln 22.600 22.700 22.600 21.500 20.300 20.100 19.800
BIS net issues of international-bond market of emerging countries
[10547] International-bond net issue of Panama, USD bln -0.100 0.100 1.100 1.100 0.200 0.400 0.000

New issues of Emerging markets International Bonds

Monthly indices

Type: Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018
Emerging Markets International Bonds (Latin America)
[18449] New issues of Panama international bonds, USD bln 0.861 0.550 1.167 0.000 0.000 0.000 0.225
[18507] Number of Panama new international bond issues 3 1 1 0 0 0 1
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Yearly indices

Type: 2017 2016 2015 2014
Annual new International Bonds issues (Latin America)
[19245] Annual new issues of Panama sovereign international bonds, USD bln 1.422 1.000 1.250 1.250
[19305] Annual new issues of Panama corporate international bonds, USD bln 1.422 1.000 1.250 1.250
[19365] Annual new issues of Panama corporate international bonds, (financial sector) USD bln 1.666 0.623 0.625 0.685
[19425] 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: Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018
Volume of Latin American International Bonds Markets
[21433] Panama international bonds, USD bln 22.962 22.407 21.902 20.754 20.760 20.803 20.996
[21493] Panama corporate international bonds, USD bln 22.962 22.407 21.902 20.754 20.760 20.803 20.996
[21553] Panama sovereign international bonds, USD bln 15.488 15.491 14.938 14.947 14.944 14.947 14.955
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Currencies

Daily indices

Type: 12/13/2018 12/12/2018 12/11/2018 12/10/2018 12/07/2018 12/06/2018 12/05/2018
Exchange Rates (Emerging Markets)
[12689] 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: 12/12/2018 12/11/2018 12/10/2018 12/07/2018 12/06/2018 12/05/2018 12/04/2018
CDS Panama (Interactive Data)
[13565] CDS 6M Panama 18.3800 19.0700 19.5400 18.9800 19.0400 18.9100 18.8300
[13627] CDS 1Y Panama 23.2900 24.1900 24.7800 24.1000 24.1800 24.0200 23.9400
[13689] CDS 2Y Panama 31.3400 32.5600 33.3700 32.4900 32.6100 32.4100 32.2500
[13751] CDS 3Y Panama 45.1700 46.9500 48.1200 46.8700 47.0400 46.7500 46.5400
[13813] CDS 4Y Panama 59.6400 62.0000 63.5500 61.9000 62.1300 61.7500 61.5700
[13875] CDS 5Y Panama 75.7600 78.7600 80.7200 78.6300 78.9200 78.4500 78.2400
[13937] CDS 7Y Panama 99.5600 103.1500 105.4600 102.9900 103.3200 102.7800 102.1800
[13999] CDS 10Y Panama 122.6400 126.4700 128.9000 126.2800 126.6300 126.0600 125.3000
[14061] CDS 15Y Panama 138.8400 142.4500 144.7200 142.2500 142.5900 142.0400 141.2400
[14123] CDS 20Y Panama 146.7000 150.1100 152.2600 149.9100 150.2300 149.7100 148.9100
[14185] CDS 30Y Panama 153.7800 156.9500 158.9000 156.7100 157.0200 156.5500 155.7400
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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) 
[3103] 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, 5.2% 30jan2020, USD   USD 01/30/2020 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Panama, 6.7% 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, 3.75% 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, 4.95% 25apr2023, USD   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, 4.75% 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, 8.75% 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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