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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 29 20 920 917 000
JPY 1 41 500 000 000
corporate
USD 603 14 799 378 000
EUR 2 1 750 000 000
CHF 1 100 000 000
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.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
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 Bilbao Vizcaya Argentaria(Panama), 2.575% 22feb2029, EUR - International bonds XS1954087695 2.575% 750 000 000  EUR 02/14/2019 02/22/2029
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

Forex

Daily indices

Type: 04/25/2019 04/24/2019 04/23/2019 04/22/2019 04/19/2019 04/18/2019 04/17/2019
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: III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017 I 2017
BIS international bonds outstanding volume
[10277] Panamanian international bonds, USD bln 24.500 24.600 22.600 22.700 22.600 21.500 20.300
BIS new international bonds volume
[10547] International-bond net issue of Panama, USD bln 0.000 2.000 -0.100 0.100 1.100 1.100 0.200

Credit Default Swaps (CDS)

Daily indices

Type: 04/25/2019 04/24/2019 04/23/2019 04/22/2019 04/19/2019 04/18/2019 04/17/2019
CDS Panama
[13565] CDS 6M Panama 10.1000 10.1300 9.8400 9.5100 9.6300 9.6800 9.7200
[13627] CDS 1Y Panama 14.1800 14.2200 13.8100 13.3200 13.4700 13.5300 13.5800
[13689] CDS 2Y Panama 22.0300 22.0900 21.4600 20.7000 20.9200 21.0100 21.0900
[13751] CDS 3Y Panama 32.9200 33.0100 32.0600 30.9200 31.2600 31.4100 31.5200
[13813] CDS 4Y Panama 45.3400 45.4700 44.1600 42.6000 43.0800 43.2800 43.4400
[13875] CDS 5Y Panama 59.9500 60.1200 58.4000 56.3400 56.9900 57.3700 57.5900
[13937] CDS 7Y Panama 82.1000 82.2900 80.1600 77.6100 78.4300 79.0300 79.3000
[13999] CDS 10Y Panama 101.9700 102.1500 99.8600 97.1200 98.0200 98.6600 98.9700
[14061] CDS 15Y Panama 118.6900 118.8400 116.6300 114.0300 114.8900 115.4800 115.7800
[14123] CDS 20Y Panama 127.3700 127.4900 125.3700 122.9000 123.7300 124.2900 124.5800
[14185] CDS 30Y Panama 136.4600 136.5400 134.5600 132.2800 133.0500 133.5800 133.8700
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Stock exchanges and market participants indices (archive)

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
JP Morgan
[3103] EMBI Global Panama 197 199 200 201 201 205 203
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International bonds outstanding volume

Monthly indices

Type: Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018 Sep 2018
Latin America international bonds outstanding volume
[21433] Panama international bonds, USD bln 23.605 23.631 23.118 23.121 22.962 22.407 21.902
[21493] Panama corporate international bonds, USD bln 23.605 23.631 23.118 23.121 22.962 22.407 21.902
[21553] Panama sovereign international bonds, USD bln 15.178 15.176 15.504 15.499 15.488 15.491 14.938
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New international bonds volume

Monthly indices

Type: Mar 2019 Feb 2019 Jan 2019 Dec 2018 Dec 2018 Nov 2018 Oct 2018
Latin America new international bonds volume
[18449] New issues of Panama international bonds, USD bln 0.000 0.847 0.000 0.000 0.000 0.861 0.550
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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 1.378 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: Mar 2019 Feb 2019 Jan 2019 Dec 2018 Dec 2018 Nov 2018 Oct 2018
Latin America new international bonds number
[18507] Number of Panama new international bond issues 0 1 0 0 0 3 1
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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% 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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