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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 35 23 190 317 000
JPY 1 41 500 000 000
corporate
USD 576 15 726 641 000
EUR 1 1 000 000 000
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
Panama, 3.87% 23jul2060, USD - International bonds US698299BL70 3.87% 750 000 000  USD 07/17/2019 07/23/2060
Panama, 3.16% 23jan2030, USD - International bonds US698299BK97 3.16% 1 250 000 000  USD 07/17/2019 01/23/2030
Panama, TB 10jul2020 12m - Domestic bonds PAL634445RY5 0% 24 100 000  USD 07/09/2019 07/10/2020
Panama, TB 26jun2020 12m - Domestic bonds PAL634445RX7 0% 48 500 000  USD 06/25/2019 06/26/2020
Panama, TB 20dec2019 6m - Domestic bonds PAL634445RW9 0% 20 000 000  USD 06/18/2019 12/20/2019
Panama, TB 17may2020 12m - Domestic bonds 0% 40 000 000  USD 05/14/2019 05/17/2020
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

Свалка

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
EMBI+ Panama spread 200 202 202 203 202 206 205
EMBI Global Panama 197 199 200 201 201 205 203
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Forex

Daily indices

Type: 07/22/2019 07/19/2019 07/18/2019 07/17/2019 07/16/2019 07/15/2019 07/12/2019
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: I 2019 III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017
BIS international bonds outstanding volume
[10277] Panamanian international bonds, USD bln 25.600 24.500 24.600 22.600 22.700 22.600 21.500
BIS new international bonds volume
[10547] International-bond net issue of Panama, USD bln 0.000 0.000 2.000 -0.100 0.100 1.100 1.100

GDP

Yearly indices

Type: 2018 2016 2015 2014
Government debt-to-GDP (Latin America)
[15345] Government Debt to GDP(Panama) 39.48 39.20 39.10 37.10

Credit Default Swaps (CDS)

Daily indices

Type: 07/22/2019 07/19/2019 07/18/2019 07/17/2019 07/16/2019 07/15/2019 07/12/2019
CDS Panama
[13565] CDS 6M Panama 7.0800 7.0300 7.1200 7.0600 7.0700 7.0500 7.0700
[13627] CDS 1Y Panama 9.4300 9.3500 9.4600 9.3700 9.3800 9.3500 9.3600
[13689] CDS 2Y Panama 16.5200 16.3700 16.5600 16.4000 16.4100 16.3600 16.3800
[13751] CDS 3Y Panama 26.1500 25.9200 26.2300 25.9800 26.0000 25.9300 25.9500
[13813] CDS 4Y Panama 37.8500 37.5400 37.9900 37.6200 37.6600 37.5600 37.6100
[13875] CDS 5Y Panama 51.8600 51.4600 52.0700 51.5500 51.6300 51.4900 51.5600
[13937] CDS 7Y Panama 75.3500 74.8600 75.6300 74.9500 75.0600 74.8700 74.9700
[13999] CDS 10Y Panama 98.3100 97.7700 98.6300 97.8500 97.9800 97.7600 97.8600
[14061] CDS 15Y Panama 113.2600 112.7600 113.5800 112.8000 112.9400 112.7200 112.8100
[14123] CDS 20Y Panama 120.5800 120.1100 120.8900 120.1300 120.2600 120.0400 120.1200
[14185] CDS 30Y Panama 127.6300 127.2100 127.9300 127.1900 127.3200 127.0900 127.1500
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International bonds outstanding volume

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Latin America international bonds outstanding volume
[21433] Panama international bonds, USD bln 22.211 24.091 24.088 23.605 23.631 23.118 23.121
[21493] Panama corporate international bonds, USD bln 22.211 24.091 24.088 23.605 23.631 23.118 23.121
[21553] Panama sovereign international bonds, USD bln 14.804 15.187 15.176 15.178 15.176 15.504 15.499
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Inflation

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Inflation (Latin America)
[15705] Inflation Rate (Panama) -0.50 0.00 -0.10 -0.18 -0.50 -0.30 0.16
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Default probability (based on CDS)

Daily indices

Type: 07/22/2019 07/19/2019 07/18/2019 07/17/2019 07/16/2019 07/15/2019 07/12/2019
Default Probability Panama (Interactive Data)
[20359] 6M Default Probability Panama 0.0400 0.0400 0.0400 0.0400 0.0400 0.0400 0.0400
[20421] 1Y Default Probability Panama 0.1200 0.1200 0.1200 0.1200 0.1200 0.1200 0.1200
[20483] 2Y Default Probability Panama 0.4300 0.4300 0.4300 0.4300 0.4300 0.4300 0.4300
[20545] 3Y Default Probability Panama 1.0300 1.0300 1.0400 1.0300 1.0300 1.0300 1.0300
[20607] 4Y Default Probability Panama 2.0100 2.0000 2.0200 2.0000 2.0100 2.0000 2.0100
[20669] 5Y Default Probability Panama 3.4600 3.4400 3.4800 3.4500 3.4600 3.4500 3.4600
[20731] 7Y Default Probability Panama 7.0200 6.9900 7.0600 7.0000 7.0200 7.0100 7.0300
[20793] 10Y Default Probability Panama 12.9200 12.8600 12.9700 12.8800 12.9200 12.8900 12.9200
[20855] 15Y Default Probability Panama 21.4900 21.4200 21.5500 21.4300 21.4800 21.4400 21.4800
[20917] 20Y Default Probability Panama 29.2500 29.1800 29.3300 29.1900 29.2500 29.2000 29.2400
[20979] 30Y Default Probability Panama 42.6200 42.5400 42.7000 42.5300 42.6200 42.5500 42.6000
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New international bonds volume

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Latin America new international bonds volume
[18449] New issues of Panama international bonds, USD bln 0.000 0.000 0.800 0.000 0.000 0.000 0.000
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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 0.211 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: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Latin America new international bonds number
[18507] Number of Panama new international bond issues 0 0 3 0 0 0 0
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
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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