Panama Offers Bond Swap

Panama has offered to swap five of its shorter-dated global bonds for a 30-year dollar-denominated bond as part of its strategy to extend its debt maturity profile and reduce its short-term debt burden. In November, the sovereign offered to swap four of its global bonds, due in 2008, 2011, 2012 and 2020 for up to $980 million new 20-year paper, yielding 7.295%.