Panama Publishes Initial Swap Terms

Panama has published initial terms for its bond swap which plans to exchange up to $2.8 billion of its shorter-dated global debt for a new 30-year global bond. The sovereign is offering 230 basis points above comparable US treasuries on its new global bond which matures in 2036. The maximum clearing spreads offered on the bonds to be swapped are: 1.73% on the 2020 bond; 2.02% on the 2023 bond; 2.15% on the 2027 bond; 2.28% on 2029 and 2.30% on 2034. The deal is being jointly managed by HSBC and JP Morgan.