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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 21 19 038 917 000
JPY 1 41 500 000 000
corporate
USD 663 14 638 066 000
CHF 2 175 000 000
EUR 1 1 000 000 000
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
Banco Bilbao Vizcaya Argentaria(Panama), 5.875% perp., EUR - International bonds ES0813211002 5.875% 1 000 000 000  EUR 09/18/2018
Banistmo, 4.25% 16aug2021, USD (B) - Domestic bonds PAL302181JB2 4.25% 20 635 000  USD 08/16/2018 08/16/2021
Banistmo, 5% 16aug2023, USD (C) - Domestic bonds PAL302181JC0 5% 13 800 000  USD 08/16/2018 08/16/2023
Banco La Hipotecaria, 4.25% 15aug2020, USD (I) - Domestic bonds PAL341781NI9 4.25% 4 000 000  USD 08/15/2018 08/15/2020
Hipotecaria Metrocredit, 7.5% 14aug2020, USD (Q) - Domestic bonds PAL157732OQ6 7.5% 1 000 000  USD 08/14/2018 08/14/2020
Hipotecaria Metrocredit, 7.5% 11aug2020, USD (Z) - Domestic bonds PAL157731MZ3 7.5% 2 000 000  USD 08/11/2018 08/11/2020
Banco Aliado, 3.25% 8feb2019, USD (E) - Domestic bonds PAL3186219E1 3.25% 2 000 000  USD 08/10/2018 02/08/2019
Banco Panama, 4.625% 8aug2021, USD (T) - Domestic bonds PAL3005113T3 4.625% 1 000 000  USD 08/08/2018 08/08/2021
CIFI, 6.08% 8aug2024, USD (G) - Domestic bonds PAL3009912G1 6.08% 17 500 000  USD 08/08/2018 08/08/2024
CIFI, 6.08% 8aug2024, USD (J) - Domestic bonds PAL3009912J5 6.08% 27 500 000  USD 08/08/2018 08/08/2024

World Bond market statistics

Quarterly indices

Type I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of emerging countries
Panamanian international bonds, USD bln 22.600 22.700 22.600 21.500 20.300 20.100 19.800
BIS net issues of international-bond market of emerging countries
International-bond net issue of Panama, USD bln -0.100 0.100 1.100 1.100 0.200 0.400 0.000

New issues of Emerging markets International Bonds

Monthly indices

Type Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018
Emerging Markets International Bonds (Latin America)
New issues of Panama international bonds, USD bln 0.000 0.000 0.000 0.225 1.200 1.200 0.000
Number of Panama new international bond issues 0 0 0 1 1 1 0
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Yearly indices

Type 2017 2016 2015 2014
Annual new International Bonds issues (Latin America)
Annual new issues of Panama sovereign international bonds, USD bln 1.422 1.000 1.250 1.250
Annual new issues of Panama corporate international bonds, USD bln 1.422 1.000 1.250 1.250
Annual new issues of Panama corporate international bonds, (financial sector) USD bln 1.666 0.623 0.625 0.685
Annual new issues of Panama corporate international bonds, (non-financial sector) USD bln 0.000 0.650 0.750 0.000

Emerging Markets International Bonds

Monthly indices

Type Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018
Latin American International Bonds Markets
Panama international bonds, USD bln 20.754 20.760 20.803 20.996 20.769 20.771 19.634
Panama corporate international bonds, USD bln 20.754 20.760 20.803 20.996 20.769 20.771 19.634
Panama sovereign international bonds, USD bln 14.947 14.944 14.947 14.955 14.953 14.953 13.764
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Currencies

Daily indices

Type: 09/21/2018 09/20/2018 09/19/2018 09/18/2018 09/17/2018 09/14/2018 09/13/2018
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: 09/21/2018 09/20/2018 09/19/2018 09/18/2018 09/17/2018 09/14/2018 09/13/2018
CDS Panama (Interactive Data)
CDS 6M Panama 9.0900 9.3600 8.8900 9.0600 9.0600 9.2400 9.3800
CDS 1Y Panama 12.7200 13.0900 11.5400 11.7500 11.7400 11.9400 12.1100
CDS 2Y Panama 23.5200 24.2300 18.0900 18.4300 18.4100 18.7200 18.9900
CDS 3Y Panama 33.2100 34.2300 28.4800 29.0400 29.0000 29.5100 29.9300
CDS 4Y Panama 45.5900 46.9900 39.3800 40.1600 40.1100 40.8200 41.4300
CDS 5Y Panama 56.8000 58.5500 53.8100 54.8800 54.8200 55.7900 56.6300
CDS 7Y Panama 74.3100 76.4000 76.9400 78.3300 78.2500 79.5200 80.5800
CDS 10Y Panama 92.9300 95.1800 100.9800 102.5700 102.4800 103.9200 105.1000
CDS 15Y Panama 110.6500 112.8300 121.4900 123.0800 123.0000 124.4000 125.5600
CDS 20Y Panama 119.8200 121.9200 131.2000 132.7700 132.7000 134.0600 135.1700
CDS 30Y Panama 128.7900 130.7400 140.3900 141.9000 141.8300 143.1200 144.1600
Default Probability Panama (Interactive Data)
6M Default Probability Panama 0.0900 0.0900 0.0300 0.0300 0.0300 0.0300 0.0300
1Y Default Probability Panama 0.2100 0.2200 0.1200 0.1200 0.1200 0.1200 0.1300
2Y Default Probability Panama 0.7200 0.7400 0.4300 0.4400 0.4400 0.4500 0.4600
3Y Default Probability Panama 1.4700 1.5200 1.0700 1.0900 1.0900 1.1100 1.1300
4Y Default Probability Panama 2.6500 2.7400 2.0200 2.0600 2.0600 2.1000 2.1300
5Y Default Probability Panama 4.0900 4.2200 3.5100 3.5800 3.5800 3.6500 3.7000
7Y Default Probability Panama 7.3600 7.5600 7.1200 7.2400 7.2300 7.3600 7.4500
10Y Default Probability Panama 12.8400 13.1400 13.3000 13.4900 13.4700 13.6600 13.8100
15Y Default Probability Panama 22.0100 22.3900 23.2800 23.5300 23.5000 23.7400 23.9300
20Y Default Probability Panama 30.4000 30.8300 32.1300 32.4200 32.3800 32.6500 32.8500
30Y Default Probability Panama 44.7400 45.1900 47.0100 47.3200 47.2600 47.5500 47.7600
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Macroeconomic Indicators (World economy)

Monthly indices

Type Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018 Mar 2018 Feb 2018
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Panama) 1.10 1.30 1.20 0.80 0.80 0.60 0.40
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Yearly indices

Type 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Panama) 39.20 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, 10.75% 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, 5.20% 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 **.** *.**
Banco Latinoamericano de Comercio Exterior, 3.25% 7may2020, USD   USD 05/07/2020 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Banco Latinoamericano de Comercio Exterior, 3.750% 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% 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, 4.750% 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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200 000
issues: local and international bonds
170
countries
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200 000
issues: local and international bonds
170
countries
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