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 18 17 673 074 000
JPY 1 41 500 000 000
corporate
USD 604 15 146 833 450
CHF 3 265 000 000
JPY 1 8 000 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** 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.) ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Banco La Hipotecaria, 4.25% 19apr2019, USD (E) - Domestic bonds PAL341782KE2 4.25% 2 000 000  USD 04/19/2017 04/19/2019
Hipotecaria Metrocredit, 7.5% 12apr2019, USD (K) - Domestic bonds PAL157732MK3 7.5% 1 500 000  USD 04/12/2017 04/12/2019
Banco Aliado, 3.5% 7apr2018, USD (M) - Domestic bonds PAL3186217M8 3.5% 3 000 000  USD 04/07/2017 04/07/2018
Retail Centenario, 6.25% 5apr2022, USD (D) - Domestic bonds PAL0601421D8 6.25% 2 000 000  USD 04/05/2017 04/05/2022
Banco Aliado, 2.875% 30sep2017, USD (J) - Domestic bonds PAL3186217J4 2.875% 2 000 000  USD 03/31/2017 09/30/2017
Banco Aliado, 4.5% 31mar2020, USD (L) - Domestic bonds PAL3186217L0 4.5% 3 200 000  USD 03/31/2017 03/31/2020
Banco Aliado, 3.5% 31mar2018, USD (K) - Domestic bonds PAL3186217K2 3.5% 1 000 000  USD 03/31/2017 03/31/2018
Panacredit, 7.25% 31mar2021, USD (I) - Domestic bonds PAL3291817I5 7.25% 750 000  USD 03/31/2017 03/31/2021
Panacredit, 6.75% 31mar2020, USD (K) - Domestic bonds PAL3291817K1 6.75% 300 000  USD 03/31/2017 03/31/2020
Hipotecaria Metrocredit, 7.5% 30mar2019, USD (J) - Domestic bonds PAL157732MJ5 7.5% 2 000 000  USD 03/30/2017 03/30/2019

World Bond market statistics

Quarterly indices

Type IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015
BIS volume of international-bond market of emerging countries
Panamanian international bonds, USD bln 20.100 19.800 19.800 19.200 18.500 18.100 18.000
BIS net issues of international-bond market of emerging countries
International-bond net issue of Panama, USD bln 0.400 0.000 0.600 0.700 0.400 0.100 0.500

Currencies

Daily indices

Type: 04/21/2017 04/20/2017 04/19/2017 04/18/2017 04/17/2017 04/14/2017 04/13/2017
Exchange Rates (Emerging Markets)
USD/PAB 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
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Credit Risk Indicators

Daily indices

Type: 04/21/2017 04/20/2017 04/19/2017 04/18/2017 04/17/2017 04/14/2017 04/13/2017
CDS Interactive Data 
CDS 6M Panama * * * * * * *
CDS 1Y Panama * * * * * * *
CDS 2Y Panama * * * * * * *
CDS 3Y Panama * * * * * * *
CDS 4Y Panama * * * * * * *
CDS 5Y Panama * * * * * * *
CDS 7Y Panama * * * * * * *
CDS 10Y Panama * * * * * * *
CDS 15Y Panama * * * * * * *
CDS 20Y Panama * * * * * * *
CDS 30Y Panama * * * * * * *
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Macroeconomic Indicators (World economy)

Monthly indices

Type Mar 2017 Feb 2017 Jan 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Panama) 1.90 1.90 1.60
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Yearly indices

Type 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Panama) 39.10 37.10

JP Morgan

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 Global (publication was suspended since 30.10.2013) 
EMBI Global Panama * * * * * * *
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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, 10.750% 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, 5.20% 30jan2020, USD   USD 01/30/2020 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Panama, 6.70% 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 **.** *.**
Bladex, 3.25% 7may2020, USD   USD 05/07/2020 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Bladex, 3.750% 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, 4.950% 25apr2028, USD (ABS)   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, 4.750% 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, 8.750% 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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