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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 33 21 190 317 000
JPY 1 41 500 000 000
corporate
USD 578 15 729 641 000
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
Empresa de Transmision Electrica, 5.125% 2may2049, USD - International bonds USP37146AA81 5.125% 500 000 000  USD 04/25/2019 05/02/2049
Global Bank Corp, 5.25% 16apr2029, USD - International bonds USP47718AE43 5.25% 300 000 000  USD 04/11/2019 04/16/2029
Panama, 3.75% 17apr2026, USD - International bonds USP90603AN40 3.75%   USD 04/10/2019 04/17/2026
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
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

Свалка

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+ Panama spread 200 202 202 203 202 206 205
EMBI Global Panama 197 199 200 201 201 205 203
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Forex

Daily indices

Type: 07/16/2019 07/15/2019 07/12/2019 07/11/2019 07/10/2019 07/09/2019 07/08/2019
FOREX rates
[12689] USD/PAB 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
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BIS

Quarterly indices

Type: I 2019 III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017
BIS international bonds outstanding volume
[10277] Panamanian international bonds, USD bln 25.600 24.500 24.600 22.600 22.700 22.600 21.500
BIS new international bonds volume
[10547] International-bond net issue of Panama, USD bln 0.000 0.000 2.000 -0.100 0.100 1.100 1.100

Credit Default Swaps (CDS)

Daily indices

Type: 07/16/2019 07/15/2019 07/12/2019 07/11/2019 07/10/2019 07/09/2019 07/08/2019
CDS Panama
[13565] CDS 6M Panama 7.0700 7.0500 7.0700 7.2100 7.2200 7.3800 7.3300
[13627] CDS 1Y Panama 9.3800 9.3500 9.3600 9.5400 9.5500 9.7500 9.6700
[13689] CDS 2Y Panama 16.4100 16.3600 16.3800 16.6800 16.7000 17.0600 16.9100
[13751] CDS 3Y Panama 26.0000 25.9300 25.9500 26.4500 26.4800 27.0500 26.8200
[13813] CDS 4Y Panama 37.6600 37.5600 37.6100 38.3400 38.3900 39.2200 38.8800
[13875] CDS 5Y Panama 51.6300 51.4900 51.5600 52.5800 52.6500 53.7900 53.3300
[13937] CDS 7Y Panama 75.0600 74.8700 74.9700 76.3200 76.4300 77.9100 77.3100
[13999] CDS 10Y Panama 97.9800 97.7600 97.8600 99.4200 99.5500 101.1800 100.5200
[14061] CDS 15Y Panama 112.9400 112.7200 112.8100 114.3200 114.4700 116.0000 115.3700
[14123] CDS 20Y Panama 120.2600 120.0400 120.1200 121.5700 121.7400 123.1800 122.5800
[14185] CDS 30Y Panama 127.3200 127.0900 127.1500 128.5300 128.7200 130.0300 129.4800
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International bonds outstanding volume

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Latin America international bonds outstanding volume
[21433] Panama international bonds, USD bln 22.211 24.091 24.088 23.605 23.631 23.118 23.121
[21493] Panama corporate international bonds, USD bln 22.211 24.091 24.088 23.605 23.631 23.118 23.121
[21553] Panama sovereign international bonds, USD bln 14.804 15.187 15.176 15.178 15.176 15.504 15.499
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Default probability (based on CDS)

Daily indices

Type: 07/16/2019 07/15/2019 07/12/2019 07/11/2019 07/10/2019 07/09/2019 07/08/2019
Default Probability Panama (Interactive Data)
[20359] 6M Default Probability Panama 0.0400 0.0400 0.0400 0.0400 0.0400 0.0400 0.0400
[20421] 1Y Default Probability Panama 0.1200 0.1200 0.1200 0.1200 0.1200 0.1300 0.1200
[20483] 2Y Default Probability Panama 0.4300 0.4300 0.4300 0.4400 0.4400 0.4500 0.4500
[20545] 3Y Default Probability Panama 1.0300 1.0300 1.0300 1.0600 1.0600 1.0800 1.0700
[20607] 4Y Default Probability Panama 2.0100 2.0000 2.0100 2.0500 2.0600 2.1000 2.0800
[20669] 5Y Default Probability Panama 3.4600 3.4500 3.4600 3.5300 3.5400 3.6100 3.5800
[20731] 7Y Default Probability Panama 7.0200 7.0100 7.0300 7.1500 7.1600 7.3000 7.2500
[20793] 10Y Default Probability Panama 12.9200 12.8900 12.9200 13.1200 13.1200 13.3300 13.2500
[20855] 15Y Default Probability Panama 21.4800 21.4400 21.4800 21.7400 21.7500 22.0000 21.9000
[20917] 20Y Default Probability Panama 29.2500 29.2000 29.2400 29.5500 29.5500 29.8200 29.7000
[20979] 30Y Default Probability Panama 42.6200 42.5500 42.6000 42.9400 42.9400 43.2100 43.0900
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New international bonds volume

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Latin America new international bonds volume
[18449] New issues of Panama international bonds, USD bln 0.000 0.000 0.800 0.000 0.000 0.000 0.000
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Yearly indices

Type: 2018 2017 2016 2015 2014
Latin America new international bonds volume
[19245] Annual new issues of Panama sovereign international bonds, USD bln 1.750 1.422 1.000 1.250 1.250
[19305] Annual new issues of Panama corporate international bonds, USD bln 1.750 1.422 1.000 1.250 1.250
[19365] Annual new issues of Panama corporate international bonds, (financial sector) USD bln 0.211 1.666 0.623 0.625 0.685
[19425] Annual new issues of Panama corporate international bonds, (non-financial sector) USD bln 0.875 0.000 0.650 0.750 0.000

New international bonds number

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Latin America new international bonds number
[18507] Number of Panama new international bond issues 0 0 3 0 0 0 0
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
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% 25apr2028, USD   USD 04/25/2028 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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