Banco General Closes DPR

Panama’s Banco General has closed a $100m bond backed by future and existing USD-denominated diversified payment rights (DPR), according to Fitch, which assigns an A rating. Wells Fargo is heard managing the private placement. The 2019 bond features a two year interest-only period with no principal payments and pays a spread to Libor. Further details of the transaction were not disclosed. The bank’s DPR flows reached $1.7m during the first half of 2012 and $3.8bn in 2011.