On April 12, Panama’s state-owned electric company began the marketing stage for the potential issuance of international bonds, which would be at least $500 million.

“Once the issuer’s international risk ratings have been obtained and after several months of arduous preparation, we are ready to market among the most important investors in the United States, Europe and Latin America, our company’s first long-term bond issue,” explained Gilberto Ferrari, general manager of Empresa de Transmisión Eléctrica, S.A. (ETESA).

See “Investment Grade for State-owned Electric Plant”

From Etesa statement:

Empresa de Transmisión Eléctrica, S.A. (ETESA) has announced the beginning of the marketing stage for the potential issuance of international bonds.

“The process starts today April 12 in Panama and will be extended for a two-week period to the most important financial centers in the world,” said Gilberto Ferrari, general manager of ETESA.

“Once the issuer’s international risk ratings have been obtained and after several months of arduous preparation, we are ready to market among the most important investors in the United States, Europe and Latin America, our company’s first long-term bond issue”, commented Ferrari, who will lead the mission.

ETESA, rated Baa1 (Stable) by Moody’s and BBB (Stable) by Fitch, will hold a series of fixed income investor meetings from Friday 12 April 2019. The company expects to have about 20 meetings in which it will present to at least 60 fixed income investors (bonds) the characteristics of the company’s business model and the issue to be made, which will be at least US$500 million, with a long-term amortization profile.

This announcement is neither an offer to sell nor an invitation to buy the securities to be issued. Therefore, it should be considered indicative and non-binding.