Panama Reopens 2015 Global Bond

The Republic of Panama has reopened its 2015 global bond issue and sold a further $313 million at a yield of 6.813%. The bonds carry a coupon of 7.25% and were priced at 175 basis points over US Treasuries. The issue was three times oversubscribed according to Barclays, which arranged the issue. Panama is to use the money to pay off the one-year $320-million bank loan that financed its buyback of Brady bonds from the market on July 17.