Panama To Issue $1.4 Billion Of New Global Bond

Following its recent swap offer, which saw the sovereign accept $1.062 billion of shorter-dated paper, Panama will issue $1.363 billion 30-year bonds. The bonds, which mature in 2036, will be issued with a coupon of 6.7%. The government had been hoping to swap up to $2.8 billion of its shorter-dated bonds and published the initial swap terms earlier this week. The bonds being exchanged were the 2020, 2023, 2027, 2029 and 2034. The deal was jointly managed by HSBC and JP Morgan.