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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 19 767 917 000
JPY 1 41 500 000 000
corporate
USD 629 15 290 092 000
MXN 1 1 500 000 000
JPY 1 8 000 000 000
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
Banco La Hipotecaria, 5.5% 15sep2023, USD - International bonds USP1384LAJ90 5.5% 11 000 000  USD 11/27/2018 09/15/2023
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
Banco Bilbao Vizcaya Argentaria(Panama), 5.875% perp., EUR - International bonds ES0813211002 5.875% 1 000 000 000  EUR 09/18/2018
Hipotecaria Metrocredit, 8% 21aug2022, USD (U) - Domestic bonds PAL157732OU8 8% 500 000  USD 08/21/2018 08/21/2022
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
Panacredit, 7.75% 15aug2023, USD (G) - Domestic bonds PAL329181BG7 7.75% 1 000 000  USD 08/15/2018 08/15/2023

World Bond market statistics

Quarterly indices

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

New issues of Emerging markets International Bonds

Monthly indices

Type: Dec 2018 Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018
Emerging Markets International Bonds (Latin America)
[18449] New issues of Panama international bonds, USD bln 0.000 0.000 0.861 0.550 1.167 0.000 0.000
[18507] Number of Panama new international bond issues 0 0 3 1 1 0 0
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Yearly indices

Type: 2018 2017 2016 2015 2014
Annual new International Bonds issues (Latin America)
[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

Emerging Markets International Bonds

Monthly indices

Type: Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018
Volume of Latin American International Bonds Markets
[21433] Panama international bonds, USD bln 23.121 22.962 22.407 21.902 20.754 20.760 20.803
[21493] Panama corporate international bonds, USD bln 23.121 22.962 22.407 21.902 20.754 20.760 20.803
[21553] Panama sovereign international bonds, USD bln 15.499 15.488 15.491 14.938 14.947 14.944 14.947
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Currencies

Daily indices

Type: 01/22/2019 01/21/2019 01/18/2019 01/17/2019 01/16/2019 01/15/2019 01/14/2019
Exchange Rates (Emerging Markets)
[12689] 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: 01/22/2019 01/21/2019 01/18/2019 01/17/2019 01/16/2019 01/15/2019 01/14/2019
CDS Panama (Interactive Data)
[13565] CDS 6M Panama 15.4100 14.8500 14.9300 18.1900 18.4300 19.0800 19.0600
[13627] CDS 1Y Panama 19.8500 19.1000 19.1900 23.3800 23.6700 24.4800 24.4400
[13689] CDS 2Y Panama 28.3800 27.3100 27.4600 29.5900 29.9600 31.0000 30.9500
[13751] CDS 3Y Panama 40.5600 39.0400 39.2900 41.5600 42.0700 43.5100 43.4600
[13813] CDS 4Y Panama 52.7500 50.7700 51.1100 53.9400 54.6200 56.4800 56.4200
[13875] CDS 5Y Panama 67.6400 65.1200 65.2900 69.0600 69.9200 72.2900 72.2300
[13937] CDS 7Y Panama 92.0500 88.9600 88.8200 92.3400 93.3900 96.2500 96.1900
[13999] CDS 10Y Panama 116.2600 112.9000 112.3100 114.5100 115.6300 118.6800 118.6300
[14061] CDS 15Y Panama 134.4700 131.2700 130.5400 131.7400 132.8100 135.7100 135.6700
[14123] CDS 20Y Panama 143.2200 140.1700 139.4100 140.2000 141.2100 143.9700 143.9400
[14185] CDS 30Y Panama 151.7000 148.8600 148.1300 148.5700 149.5100 152.0700 152.0700
Default Probability Panama (Interactive Data)
[20359] 6M Default Probability Panama 0.0900 0.0800 0.0800 0.1000 0.1100 0.1100 0.1100
[20421] 1Y Default Probability Panama 0.2400 0.2400 0.2400 0.2900 0.3000 0.3100 0.3100
[20483] 2Y Default Probability Panama 0.7300 0.7100 0.7100 0.7700 0.7800 0.8100 0.8100
[20545] 3Y Default Probability Panama 1.6000 1.5400 1.5600 1.6500 1.6700 1.7300 1.7300
[20607] 4Y Default Probability Panama 2.8000 2.7000 2.7200 2.8700 2.9100 3.0100 3.0100
[20669] 5Y Default Probability Panama 4.5200 4.3500 4.3700 4.6200 4.6800 4.8400 4.8300
[20731] 7Y Default Probability Panama 8.6000 8.3300 8.3200 8.6300 8.7200 8.9800 8.9800
[20793] 10Y Default Probability Panama 15.2700 14.8800 14.8100 15.0400 15.1700 15.5400 15.5400
[20855] 15Y Default Probability Panama 25.3800 24.8900 24.7800 24.8800 25.0500 25.5100 25.5000
[20917] 20Y Default Probability Panama 34.3200 33.7900 33.6400 33.6600 33.8500 34.3500 34.3400
[20979] 30Y Default Probability Panama 49.2600 48.7300 48.5600 48.4800 48.6700 49.1800 49.1800
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Macroeconomic Indicators (World economy)

Monthly indices

Type: Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Inflation Rate (World), % to the same period of the previous year
[15705] Inflation Rate (Panama) 1.00 0.80 1.10 1.30 1.20 0.80 0.80
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Yearly indices

Type: 2016 2015 2014
Government Debt to GDP (World), %
[15345] 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) 
[3103] 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, 5.2% 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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