Panama Offers 20-Year Global Paper

Panama has offered $980 million of new 20-year debt in exchange for four of its global bonds, maturing in 2008, 2011, 2012 and 2020. The new paper matures in 2026 and yields 7.295%. Panama said it wanted to extend its debt maturity profile and reduce its short-term debt burden. The swap is being managed by Citigroup.