Banco General Perp Sale Takes Off

Panama’s Banco General has sold a $10m piece out of $250m in dollar-denominated 6.5% coupon perpetual bonds in the local market, says a source at the bank. The perps are callable after 5 years but maintain their 6.5% coupon permanently. The deal is the first perpetual bond done by Banco General in any market. BG Investment, the bank’s capital markets unit, is managing the sale.