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Panama: bonds

Internal Debt
At December 31, 2012, Panama’s public sector internal debt represented approximately 24.4% of the total public sector debt. A substantial portion of total public sector internal debt is extended by public sector sources, such as CSS and official banking institutions, and BNP in particular. As of December 31, 2012, Panama’s public sector internal debt totaled approximately $3,482.8 million, an increase of $1,579.0 million from December 31, 2011. This increase was due to the issuance of $1,364.0 of a new domestic bond maturing in 2022, as part of the Market Makers Program. Panama’s public sector internal debt as a percentage of GDP was 9.6% as of December 31, 2012.
External Debt
As of December 31, 2012, total public sector external debt was approximately $10.8 billion, down from $10.9 billion as of December 31, 2011. Panama’s public sector external debt as a percentage of GDP was 29.7% as of December 31, 2012, as compared to 34.8% as of December 31, 2011. As of March 31, 2013, total public sector external debt was approximately $11.0 billion, up from $10.8 billion as of December 31, 2012. Panama’s public sector external debt as a percentage of GDP was 30.4% as of March 31, 2013, as compared to 29.7% as of December 31, 2012.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
USD 29 19 970 917 000
JPY 1 41 500 000 000
corporate
USD 613 14 541 672 000
EUR 2 1 750 000 000
MXN 1 1 500 000 000
JPY 1 8 000 000 000
CHF 1 100 000 000

News and comments

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Banco Bilbao Vizcaya Argentaria(Panama), 2.575% 22feb2029, EUR - International bonds XS1954087695 2.575% 750 000 000  EUR 02/14/2019 02/22/2029
Hipotecaria Metrocredit, 8% 13feb2023, USD (U) - Domestic bonds PAL157732QU3 8% 1 000 000  USD 02/13/2019 02/13/2023
Panama, TB 14feb2020 12m - Domestic bonds PAL634445RS7 0% 25 000 000  USD 02/12/2019 02/14/2020
Banco La Hipotecaria, 5.5% 15sep2023, USD - International bonds USP1384LAJ90 5.5% 11 000 000  USD 11/27/2018 09/15/2023
Panama, TB 15nov2019 12m - Domestic bonds PAL634445RR9 0% 23 000 000  USD 11/13/2018 11/15/2019
Promerica Financial Corporation, 9.7% 14may2024, USD - International bonds USP7922BAA63 9.7% 200 000 000  USD 11/08/2018 05/14/2024
Aeropuerto Internacional De Tocumen, 6% 18nov2048, USD - International bonds USP0092AAD11 6% 875 000 000  USD 11/07/2018 11/18/2048
Panama, 4.5% 16apr2050, USD - International bonds US698299BH68 4.5% 1 750 000 000  USD 10/18/2018 04/16/2050
Panama, TB 18oct2019 12m - Domestic bonds PAL634445RQ1 0% 25 000 000  USD 10/16/2018 10/18/2019
Banco Bilbao Vizcaya Argentaria(Panama), 5.875% perp., EUR - International bonds ES0813211002 5.875% 1 000 000 000  EUR 09/18/2018

Forex

Daily indices

Type: 03/19/2019 03/18/2019 03/15/2019 03/14/2019 03/13/2019 03/12/2019 03/11/2019
FOREX rates
[12689] USD/PAB 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
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BIS

Quarterly indices

Type: III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017 I 2017
BIS international bonds outstanding volume
[10277] Panamanian international bonds, USD bln 24.500 24.600 22.600 22.700 22.600 21.500 20.300
BIS new international bonds volume
[10547] International-bond net issue of Panama, USD bln 0.000 2.000 -0.100 0.100 1.100 1.100 0.200

GDP

Yearly indices

Type: 2016 2015 2014
Government debt-to-GDP (Latin America)
[15345] Government Debt to GDP(Panama) 39.20 39.10 37.10

Credit Default Swaps (CDS)

Daily indices

Type: 03/20/2019 03/19/2019 03/18/2019 03/15/2019 03/14/2019 03/13/2019 03/12/2019
CDS Panama (Interactive Data)
[13565] CDS 6M Panama 9.7700 11.8800 12.0400 12.0700 12.0800 12.1800 12.2700
[13627] CDS 1Y Panama 14.1400 15.1200 15.3100 15.3200 15.3200 15.4400 15.5500
[13689] CDS 2Y Panama 23.1800 22.4400 22.7100 22.7300 22.7300 22.9100 23.0700
[13751] CDS 3Y Panama 35.8800 33.2800 33.6800 33.7200 33.7300 34.0000 34.2300
[13813] CDS 4Y Panama 50.1100 45.2700 45.8200 45.8800 45.9000 46.2800 46.5900
[13875] CDS 5Y Panama   59.3500 60.0900 60.1700 60.2000 60.7000 61.1100
[13937] CDS 7Y Panama   83.6900 84.6200 84.7200 84.7800 85.4100 85.9100
[13999] CDS 10Y Panama   106.6600 107.6700 107.7700 107.8500 108.5400 109.0500
[14061] CDS 15Y Panama 137.0100 124.6700 125.6500 125.7200 125.8200 126.4700 126.9300
[14123] CDS 20Y Panama 145.7000 133.6000 134.5300 134.5800 134.7000 135.3200 135.7400
[14185] CDS 30Y Panama 154.1600 142.6200 143.4800 143.4900 143.6300 144.2300 144.5800
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Stock exchanges and market participants indices (archive)

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
JP Morgan
[3103] EMBI Global Panama 197 199 200 201 201 205 203
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International bonds outstanding volume

Monthly indices

Type: Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018
Latin America international bonds outstanding volume
[21433] Panama international bonds, USD bln 23.631 23.118 23.121 22.962 22.407 21.902 20.754
[21493] Panama corporate international bonds, USD bln 23.631 23.118 23.121 22.962 22.407 21.902 20.754
[21553] Panama sovereign international bonds, USD bln 15.176 15.504 15.499 15.488 15.491 14.938 14.947
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Inflation

Monthly indices

Type: Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Inflation (Latin America)
[15705] Inflation Rate (Panama) 1.00 0.80 1.10 1.30 1.20 0.80 0.80
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Default probability (based on CDS)

Daily indices

Type: 03/20/2019 03/19/2019 03/18/2019 03/15/2019 03/14/2019 03/13/2019 03/12/2019
Default Probability Panama (Interactive Data)
[20359] 6M Default Probability Panama 0.1000 0.0400 0.0400 0.0400 0.0400 0.0400 0.0500
[20421] 1Y Default Probability Panama 0.2400 0.1500 0.1600 0.1600 0.1600 0.1600 0.1600
[20483] 2Y Default Probability Panama 0.7100 0.5300 0.5400 0.5400 0.5500 0.5500 0.5500
[20545] 3Y Default Probability Panama 1.5900 1.2500 1.2600 1.2700 1.2700 1.2800 1.2900
[20607] 4Y Default Probability Panama 2.9100 2.3100 2.3400 2.3500 2.3500 2.3700 2.3900
[20669] 5Y Default Probability Panama 4.7900 3.8400 3.8900 3.9000 3.9100 3.9400 3.9700
[20731] 7Y Default Probability Panama 9.2500 7.6600 7.7400 7.7600 7.7700 7.8300 7.8800
[20793] 10Y Default Probability Panama 16.1500 13.8500 13.9700 13.9900 14.0100 14.1000 14.1600
[20855] 15Y Default Probability Panama 26.3500 23.4800 23.6400 23.6600 23.6900 23.7900 23.8700
[20917] 20Y Default Probability Panama 35.3100 32.1600 32.3300 32.3500 32.4000 32.5000 32.5800
[20979] 30Y Default Probability Panama 50.2300 46.9900 47.1800 47.1800 47.2600 47.3600 47.4300
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New international bonds volume

Monthly indices

Type: Feb 2019 Jan 2019 Dec 2018 Dec 2018 Nov 2018 Oct 2018 Sep 2018
Latin America new international bonds volume
[18449] New issues of Panama international bonds, USD bln 0.847 0.000 0.000 0.000 0.861 0.550 1.167
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Yearly indices

Type: 2018 2017 2016 2015 2014
Latin America new international bonds volume
[19245] Annual new issues of Panama sovereign international bonds, USD bln 1.750 1.422 1.000 1.250 1.250
[19305] Annual new issues of Panama corporate international bonds, USD bln 1.750 1.422 1.000 1.250 1.250
[19365] Annual new issues of Panama corporate international bonds, (financial sector) USD bln 1.378 1.666 0.623 0.625 0.685
[19425] Annual new issues of Panama corporate international bonds, (non-financial sector) USD bln 0.875 0.000 0.650 0.750 0.000

New international bonds number

Monthly indices

Type: Feb 2019 Jan 2019 Dec 2018 Dec 2018 Nov 2018 Oct 2018 Sep 2018
Latin America new international bonds number
[18507] Number of Panama new international bond issues 1 0 0 0 3 1 1
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Panama, 1.810% 25jan2021, JPY   JPY 01/25/2021 05/18/2016 ***.*** *.** 05/18/2016 ***.**** *.**
Panama, 10.75% 15may2020, USD   USD 05/15/2020 05/18/2016 * 05/18/2016 *** *.**
Panama, 3.75% 16mar2025, USD   USD 03/16/2025 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Panama, 3.875% 17mar2028, USD   USD 03/17/2028 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Panama, 4% 22sep2024, USD   USD 09/22/2024 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Panama, 4.3% 29apr2053, USD   USD 04/29/2053 05/18/2016 **.* *.** 05/18/2016 **.** *.**
Panama, 5.2% 30jan2020, USD   USD 01/30/2020 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Panama, 6.7% 26jan2036, USD   USD 01/26/2036 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Panama, 7.125% 29jan2026, USD   USD 01/29/2026 05/18/2016 ***.* *.** 05/18/2016 ***.*** *.**
Panama, 8.125% 28apr2034, USD   USD 04/28/2034 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Panama, 8.875% 30sep2027, USD   USD 09/30/2027 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Panama, 9.375% 16jan2023, USD   USD 01/16/2023 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Panama, 9.375% 1apr2029, USD   USD 04/01/2029 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Aes Panama, 6% 25jun2022, USD   USD 06/25/2022 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Aes Panama, 6.35% 21dec2016, USD   USD 12/21/2016 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Banco General, 1.625% 18jun2018, CHF   CHF 06/18/2018 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Banco Latinoamericano de Comercio Exterior, 3.25% 7may2020, USD   USD 05/07/2020 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Banco Latinoamericano de Comercio Exterior, 3.75% 4apr2017, USD   USD 04/04/2017 05/18/2016 *** *.** 05/18/2016 *** *.**
Canal de Panama, 4.95% 29jul2035, USD   USD 07/29/2035 05/18/2016 *** *.** 05/18/2016 ***.** *.**
Empresa Nacional de Autopistas, 4.95% 25apr2023, USD   USD 04/25/2023 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Global Bank Corp, 3% 26nov2018, CHF   CHF 11/26/2018 05/18/2016 **.** *.** 05/18/2016 ***.** *.**
Global Bank Corp, 4.75% 5oct2017, USD   USD 10/05/2017 05/18/2016 ***.*** *.* 05/18/2016 ***.*** *.**
Global Bank Corp, 5.125% 30oct2019, USD   USD 10/30/2019 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Minera Panama, 8.75% 1jun2020, USD   USD 06/01/2020 05/18/2016 **.*** **.* 05/18/2016 **.*** *.**
Tocumen International Airport, 5.75% 9oct2023, USD   USD 10/09/2023 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
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