{"id":12715,"date":"2015-02-23T14:39:16","date_gmt":"2015-02-23T19:39:16","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=12715"},"modified":"2015-02-23T14:39:16","modified_gmt":"2015-02-23T19:39:16","slug":"panama-files-with-sec-for-us3bn-debt-sale","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-files-with-sec-for-us3bn-debt-sale\/","title":{"rendered":"Panama files with SEC for US$3bn debt sale"},"content":{"rendered":"

\"sec\"<\/a><\/p>\n

This in from Reuters.<\/p>\n

By Paul Kilby<\/p>\n

<\/div>\n

NEW YORK, Feb 19 (IFR) – Panama filed with the SEC on Thursday to sell up to US$3.04bn in debt, raising expectations that the sovereign could soon come to the international bond market.<\/p>\n

Bankers have been awaiting a mandate decision from the sovereign, which sent out request for proposals earlier this month.<\/p>\n

It is the second Central American country to take aim at foreign investors this week, after Ba1\/BB\/BB+ rated Costa Rica mandated Deutsche and HSBC for an up to US$1bn offering.<\/p>\n

Both sovereigns are expected to consider raising 30-year money in a market that still enjoys a decent bid for duration, with investors seeking yield pick-up further up the curve – especially among sovereigns.<\/p>\n

Mexico, Colombia and the Dominican Republic have all issued 30-year debt this year.<\/p>\n

<\/div>\n

Panama, rated Baa2\/BBB\/BBB, has an outstanding US$750m 4.3% 2053 that priced in May 2013 at par to yield 139.7bp.<\/p>\n

That bond is currently trading at around 95.75-96.75 for a mid-market yield of 4.50%, or a G-spread of around 178bp.<\/p>\n

Panama was last in the market in September 2014, when it raised US$1.25bn through the sale of a 4% 2024 with leads Bank of America Merrill Lynch and Citigroup.<\/p>\n

Those bonds, which priced at 99.275 to yield 4.089%, have since climbed to 104.00-104.75 for a mid-market yield of 3.45% or a G-spread of around 138bp.<\/p>\n

Fitch today affirmed its BBB rating on Panama with a stable outlook.<\/p>\n

It said Panama has the highest growth rate of BBB rated countries, in part due to the expansion of the Panama Canal.<\/p>\n

But ambitious public investment programs have widened the fiscal deficit in recent years, Fitch said. As a result, general government debt climbed to 38.3% of GDP last year, up from 36.7% in 2013.<\/p>\n

Fitch expects that number to stabilize around 40%.<\/p>\n

“Panama’s repeated hikes in deficit limits and these recent issues in tax administration have weakened the credibility of fiscal policy,” the rating agency said.<\/p>\n

It cited the country’s easy access to the international capital markets, long-dated debt profile, and a sovereign wealth fund with assets worth 3% of GDP, as important fiscal buffers.<\/p>\n","protected":false},"excerpt":{"rendered":"

This in from Reuters. By Paul Kilby NEW YORK, Feb 19 (IFR) – Panama filed with the SEC<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-12715","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective"],"yoast_head":"\nPanama files with SEC for US$3bn debt sale - Blog and Newsletter<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-files-with-sec-for-us3bn-debt-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Panama files with SEC for US$3bn debt sale\" \/>\n<meta property=\"og:description\" content=\"This in from Reuters. By Paul Kilby NEW YORK, Feb 19 (IFR) – Panama filed with the SEC\" \/>\n<meta property=\"og:url\" content=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-files-with-sec-for-us3bn-debt-sale\/\" \/>\n<meta property=\"og:site_name\" content=\"Blog and Newsletter\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=100088396493750\" \/>\n<meta property=\"article:published_time\" content=\"2015-02-23T19:39:16+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2015\/02\/sec.jpg\" \/>\n<meta name=\"author\" content=\"Adrian Prozzo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adrian Prozzo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/panama-files-with-sec-for-us3bn-debt-sale\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/panama-files-with-sec-for-us3bn-debt-sale\\\/\"},\"author\":{\"name\":\"Adrian Prozzo\",\"@id\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/#\\\/schema\\\/person\\\/6c118309f214f7da81db90c9905c5e69\"},\"headline\":\"Panama files with SEC for US$3bn debt sale\",\"datePublished\":\"2015-02-23T19:39:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/panama-files-with-sec-for-us3bn-debt-sale\\\/\"},\"wordCount\":360,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/panama-files-with-sec-for-us3bn-debt-sale\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/wp-content\\\/uploads\\\/2015\\\/02\\\/sec.jpg\",\"articleSection\":[\"News from Panama\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/panama-files-with-sec-for-us3bn-debt-sale\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/panama-files-with-sec-for-us3bn-debt-sale\\\/\",\"url\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/panama-files-with-sec-for-us3bn-debt-sale\\\/\",\"name\":\"Panama files with SEC for US$3bn debt sale - Blog and Newsletter\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/panama-files-with-sec-for-us3bn-debt-sale\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/panama-files-with-sec-for-us3bn-debt-sale\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/wp-content\\\/uploads\\\/2015\\\/02\\\/sec.jpg\",\"datePublished\":\"2015-02-23T19:39:16+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/panama-files-with-sec-for-us3bn-debt-sale\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/panama-files-with-sec-for-us3bn-debt-sale\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/panama-files-with-sec-for-us3bn-debt-sale\\\/#primaryimage\",\"url\":\"http:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/wp-content\\\/uploads\\\/2015\\\/02\\\/sec.jpg\",\"contentUrl\":\"http:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/wp-content\\\/uploads\\\/2015\\\/02\\\/sec.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/panama-files-with-sec-for-us3bn-debt-sale\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Panama files with SEC for US$3bn debt sale\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/\",\"name\":\"THE PANAMA PERSPECTIVE\",\"description\":\"Welcome and enjoy!\",\"publisher\":{\"@id\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/#organization\",\"name\":\"THE PANAMA PERSPECTIVE\",\"url\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Panama-Perspetive-Logo.png\",\"contentUrl\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Panama-Perspetive-Logo.png\",\"width\":199,\"height\":168,\"caption\":\"THE PANAMA PERSPECTIVE\"},\"image\":{\"@id\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/profile.php?id=100088396493750\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/#\\\/schema\\\/person\\\/6c118309f214f7da81db90c9905c5e69\",\"name\":\"Adrian Prozzo\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ad1feae25ee47fd05cad15b4eecb3f298066f00b30501ec8ab74742778287eba?s=96&d=identicon&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ad1feae25ee47fd05cad15b4eecb3f298066f00b30501ec8ab74742778287eba?s=96&d=identicon&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ad1feae25ee47fd05cad15b4eecb3f298066f00b30501ec8ab74742778287eba?s=96&d=identicon&r=g\",\"caption\":\"Adrian Prozzo\"},\"url\":\"https:\\\/\\\/panamaadvisoryinternationalgroup.com\\\/blog\\\/author\\\/adrian\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Panama files with SEC for US$3bn debt sale - Blog and Newsletter","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-files-with-sec-for-us3bn-debt-sale\/","og_locale":"en_US","og_type":"article","og_title":"Panama files with SEC for US$3bn debt sale","og_description":"This in from Reuters. By Paul Kilby NEW YORK, Feb 19 (IFR) – Panama filed with the SEC","og_url":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-files-with-sec-for-us3bn-debt-sale\/","og_site_name":"Blog and Newsletter","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=100088396493750","article_published_time":"2015-02-23T19:39:16+00:00","og_image":[{"url":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2015\/02\/sec.jpg","type":"","width":"","height":""}],"author":"Adrian Prozzo","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Adrian Prozzo","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-files-with-sec-for-us3bn-debt-sale\/#article","isPartOf":{"@id":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-files-with-sec-for-us3bn-debt-sale\/"},"author":{"name":"Adrian Prozzo","@id":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/#\/schema\/person\/6c118309f214f7da81db90c9905c5e69"},"headline":"Panama files with SEC for US$3bn debt sale","datePublished":"2015-02-23T19:39:16+00:00","mainEntityOfPage":{"@id":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-files-with-sec-for-us3bn-debt-sale\/"},"wordCount":360,"commentCount":0,"publisher":{"@id":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/#organization"},"image":{"@id":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-files-with-sec-for-us3bn-debt-sale\/#primaryimage"},"thumbnailUrl":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2015\/02\/sec.jpg","articleSection":["News from Panama"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-files-with-sec-for-us3bn-debt-sale\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-files-with-sec-for-us3bn-debt-sale\/","url":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-files-with-sec-for-us3bn-debt-sale\/","name":"Panama files with SEC for US$3bn debt sale - Blog and Newsletter","isPartOf":{"@id":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-files-with-sec-for-us3bn-debt-sale\/#primaryimage"},"image":{"@id":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-files-with-sec-for-us3bn-debt-sale\/#primaryimage"},"thumbnailUrl":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2015\/02\/sec.jpg","datePublished":"2015-02-23T19:39:16+00:00","breadcrumb":{"@id":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-files-with-sec-for-us3bn-debt-sale\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-files-with-sec-for-us3bn-debt-sale\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-files-with-sec-for-us3bn-debt-sale\/#primaryimage","url":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2015\/02\/sec.jpg","contentUrl":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2015\/02\/sec.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-files-with-sec-for-us3bn-debt-sale\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Panama files with SEC for US$3bn debt sale"}]},{"@type":"WebSite","@id":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/#website","url":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/","name":"THE PANAMA PERSPECTIVE","description":"Welcome and enjoy!","publisher":{"@id":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/#organization","name":"THE PANAMA PERSPECTIVE","url":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2023\/09\/Panama-Perspetive-Logo.png","contentUrl":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2023\/09\/Panama-Perspetive-Logo.png","width":199,"height":168,"caption":"THE PANAMA PERSPECTIVE"},"image":{"@id":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/profile.php?id=100088396493750"]},{"@type":"Person","@id":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/#\/schema\/person\/6c118309f214f7da81db90c9905c5e69","name":"Adrian Prozzo","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/ad1feae25ee47fd05cad15b4eecb3f298066f00b30501ec8ab74742778287eba?s=96&d=identicon&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/ad1feae25ee47fd05cad15b4eecb3f298066f00b30501ec8ab74742778287eba?s=96&d=identicon&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ad1feae25ee47fd05cad15b4eecb3f298066f00b30501ec8ab74742778287eba?s=96&d=identicon&r=g","caption":"Adrian Prozzo"},"url":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/author\/adrian\/"}]}},"_links":{"self":[{"href":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-json\/wp\/v2\/posts\/12715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-json\/wp\/v2\/comments?post=12715"}],"version-history":[{"count":1,"href":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-json\/wp\/v2\/posts\/12715\/revisions"}],"predecessor-version":[{"id":12717,"href":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-json\/wp\/v2\/posts\/12715\/revisions\/12717"}],"wp:attachment":[{"href":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-json\/wp\/v2\/media?parent=12715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-json\/wp\/v2\/categories?post=12715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-json\/wp\/v2\/tags?post=12715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}