Panama Sets Samurai Level

Panama is out with Libor+48bp talk on a JPY41.5bn ($502m) 10-year, the sovereign’s debut Samurai bond, according to people following the transaction. The deal is expected to close as soon as today or tomorrow. The sovereign met Japanese investors in November, with a view to closing this month. As with previous Samurai issuance from Mexico and Colombia, the bond features a guarantee from JBIC, the Japanese development bank. Daiwa and Mitsubishi are managing the sale. Mexico was the region’s most recent sovereign yen issuer, selling JPY150bn 2020 with a 1.51% coupon, or yen Libor plus 50bp, in October.