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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 623 15 264 092 000
EUR 2 1 750 000 000
MXN 1 1 500 000 000
JPY 1 8 000 000 000
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 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
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

World Bond market statistics

Quarterly indices

Type: III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017 I 2017
BIS volume of international-bond market of emerging countries
[10277] Panamanian international bonds, USD bln 24.500 24.600 22.600 22.700 22.600 21.500 20.300
BIS net issues of international-bond market of emerging countries
[10547] International-bond net issue of Panama, USD bln 0.000 2.000 -0.100 0.100 1.100 1.100 0.200

New issues of Emerging markets International Bonds

Monthly indices

Type: Jan 2019 Dec 2018 Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018
Emerging Markets International Bonds (Latin America)
[18449] New issues of Panama international bonds, USD bln 0.000 0.000 0.000 0.861 0.550 1.167 0.000
[18507] Number of Panama new international bond issues 0 0 0 3 1 1 0
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Yearly indices

Type: 2018 2017 2016 2015 2014
Annual new International Bonds issues (Latin America)
[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

Emerging Markets International Bonds

Monthly indices

Type: Jan 2019 Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018
Volume of Latin American International Bonds Markets
[21433] Panama international bonds, USD bln 23.118 23.121 22.962 22.407 21.902 20.754 20.760
[21493] Panama corporate international bonds, USD bln 23.118 23.121 22.962 22.407 21.902 20.754 20.760
[21553] Panama sovereign international bonds, USD bln 15.504 15.499 15.488 15.491 14.938 14.947 14.944
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Currencies

Daily indices

Type: 02/19/2019 02/18/2019 02/15/2019 02/14/2019 02/13/2019 02/12/2019 02/11/2019
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: 02/18/2019 02/15/2019 02/14/2019 02/13/2019 02/12/2019 02/11/2019 02/08/2019
CDS Panama (Interactive Data)
[13565] CDS 6M Panama 13.3100 13.4000 13.6900 13.5700 13.6500 13.8800 13.9900
[13627] CDS 1Y Panama 17.4700 17.5600 17.9300 17.7500 17.8500 18.1400 18.2300
[13689] CDS 2Y Panama 25.2700 25.4100 25.9400 25.6800 25.8300 26.2400 26.3900
[13751] CDS 3Y Panama 36.4500 36.6700 37.4400 37.0700 37.2900 37.8900 38.1100
[13813] CDS 4Y Panama 48.8000 49.1300 50.1500 49.6700 49.9600 50.7800 51.0800
[13875] CDS 5Y Panama 63.2700 63.7500 65.0700 64.4500 64.8400 65.9100 66.3100
[13937] CDS 7Y Panama 87.7300 88.3900 90.0100 89.2700 89.7500 91.1000 91.5900
[13999] CDS 10Y Panama 110.3300 111.0800 112.8000 112.0100 112.5400 114.0000 114.5300
[14061] CDS 15Y Panama 127.7800 128.5100 130.1100 129.3800 129.9100 131.2900 131.7900
[14123] CDS 20Y Panama 136.4200 137.1200 138.6300 137.9500 138.4700 139.8000 140.2600
[14185] CDS 30Y Panama 145.1400 145.7300 147.1200 146.5100 147.0000 148.2500 148.6600
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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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