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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 30 21 168 917 000
JPY 1 41 500 000 000
corporate
USD 599 15 240 633 000
EUR 2 1 750 000 000
CHF 1 100 000 000
JPY 1 8 000 000 000

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
Empresa de Transmision Electrica, 5.125% 2may2049, USD - International bonds USP37146AA81 5.125% 500 000 000  USD 04/25/2019 05/02/2049
Global Bank Corp, 5.25% 16apr2029, USD - International bonds USP47718AE43 5.25% 300 000 000  USD 04/11/2019 04/16/2029
Panama, 3.75 17apr2026 - Domestic bonds PAL634445TA1 3.75% 1 000 000 000  USD 04/10/2019 04/17/2026
Panama, 3.75% 17apr2026, USD - International bonds USP90603AN40 3.75%   USD 04/10/2019 04/17/2026
Panama, TB 3apr2020 12m - Domestic bonds PAL634445RU3 0% 238 000 000  USD 04/02/2019 04/03/2020
Panama, TB 13mar2020 12m - Domestic bonds PAL634445RT5 0% 35 000 000  USD 03/12/2019 03/13/2020
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

Forex

Daily indices

Type: 05/21/2019 05/20/2019 05/17/2019 05/16/2019 05/15/2019 05/14/2019 05/13/2019
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: 05/21/2019 05/20/2019 05/17/2019 05/16/2019 05/15/2019 05/14/2019 05/13/2019
CDS Panama
[13565] CDS 6M Panama 7.7000 7.8200 7.8000 7.8000 7.8200 7.7600 7.9400
[13627] CDS 1Y Panama 10.9800 11.1500 11.0900 11.0800 11.1100 11.0200 11.2600
[13689] CDS 2Y Panama 19.9000 20.2000 20.1000 20.0800 20.1300 19.9500 20.3900
[13751] CDS 3Y Panama 31.8000 32.2800 32.1300 32.1100 32.1900 31.9200 32.6100
[13813] CDS 4Y Panama 46.2000 46.9200 46.7000 46.6900 46.8000 46.4100 47.4000
[13875] CDS 5Y Panama 63.5000 64.4900 64.2100 64.2000 64.3600 63.8200 65.1700
[13937] CDS 7Y Panama 88.8700 90.1200 89.8000 89.8000 89.9700 89.3100 90.9900
[13999] CDS 10Y Panama 110.7400 112.0900 111.7500 111.7600 111.9400 111.2400 113.0100
[14061] CDS 15Y Panama 123.5700 124.8300 124.5100 124.5400 124.6900 124.0400 125.6800
[14123] CDS 20Y Panama 129.6800 130.8800 130.5700 130.6100 130.7400 130.1400 131.6600
[14185] CDS 30Y Panama 135.3700 136.4700 136.1800 136.2300 136.3400 135.8000 137.1700
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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: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018
Latin America international bonds outstanding volume
[21433] Panama international bonds, USD bln 24.088 23.605 23.631 23.118 23.121 22.962 22.407
[21493] Panama corporate international bonds, USD bln 24.088 23.605 23.631 23.118 23.121 22.962 22.407
[21553] Panama sovereign international bonds, USD bln 15.176 15.178 15.176 15.504 15.499 15.488 15.491
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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: 05/21/2019 05/20/2019 05/17/2019 05/16/2019 05/15/2019 05/14/2019 05/13/2019
Default Probability Panama (Interactive Data)
[20359] 6M Default Probability Panama 0.0600 0.0600 0.0600 0.0600 0.0600 0.0600 0.0600
[20421] 1Y Default Probability Panama 0.1600 0.1600 0.1600 0.1600 0.1700 0.1600 0.1700
[20483] 2Y Default Probability Panama 0.5600 0.5700 0.5700 0.5700 0.5700 0.5700 0.5800
[20545] 3Y Default Probability Panama 1.3300 1.3500 1.3500 1.3500 1.3500 1.3400 1.3700
[20607] 4Y Default Probability Panama 2.5600 2.6000 2.6000 2.6000 2.6100 2.5900 2.6400
[20669] 5Y Default Probability Panama 4.3900 4.4600 4.4500 4.4500 4.4600 4.4300 4.5200
[20731] 7Y Default Probability Panama 8.4900 8.6100 8.5800 8.5900 8.6000 8.5500 8.7100
[20793] 10Y Default Probability Panama 14.7400 14.9100 14.8700 14.8800 14.9000 14.8300 15.0500
[20855] 15Y Default Probability Panama 23.4800 23.6800 23.6400 23.6500 23.6700 23.5900 23.8500
[20917] 20Y Default Probability Panama 31.3000 31.5200 31.4700 31.4900 31.5000 31.4200 31.7000
[20979] 30Y Default Probability Panama 44.5900 44.8300 44.7600 44.7900 44.8000 44.7200 45.0000
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New international bonds volume

Monthly indices

Type: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Dec 2018 Nov 2018
Latin America new international bonds volume
[18449] New issues of Panama international bonds, USD bln 0.800 0.000 0.847 0.000 0.000 0.000 0.861
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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: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Dec 2018 Nov 2018
Latin America new international bonds number
[18507] Number of Panama new international bond issues 3 0 1 0 0 0 3
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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% 25apr2028, USD   USD 04/25/2028 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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