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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 23 175 317 000
JPY 1 41 500 000 000
corporate
USD 667 17 841 583 000
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, TB 11sep2020 12m - Domestic bonds PAL634445UA9 0% 20 000 000  USD 09/10/2019 09/11/2020
Panama, TB 28aug2020 12m - Domestic bonds PAL634445RZ2 0% 20 000 000  USD 08/27/2019 08/28/2020
Banco La Hipotecaria, 4.25% 11feb2021, USD (T) - Domestic bonds PAL341781NT6 4.25% 355 000  USD 08/21/2019 02/11/2021
Banco Panama, 4.625% 17aug2021, USD (B) - Domestic bonds PAL3005118B0 4.625% 480 000  USD 08/18/2019 08/17/2021
Banco Aliado, 3.875% 14aug2020, USD (K) - Domestic bonds PAL318621AK9 3.875% 2 000 000  USD 08/15/2019 08/14/2020
Hipotecaria Metrocredit, 7.25% 14aug2021, USD (L) - Domestic bonds PAL157732TL6 7.25% 800 000  USD 08/14/2019 08/14/2021
Banco Banisi, 5% 12aug2021, USD (L) - Domestic bonds PAL3010621L5 5% 500 000  USD 08/12/2019 08/12/2021
Inversiones Inmobiliarias Arrocha, 6.75% 12aug2029, USD (L) - Domestic bonds PAL0000521L5 6.75% 5 000 000  USD 08/12/2019 08/12/2029
Panacredit, 7.5% 9aug2024, USD (W) - Domestic bonds PAL329181BW4 7.5% 8 000 000  USD 08/09/2019 08/09/2024
Hipotecaria Metrocredit, 7.875% 7aug2022, USD (K) - Domestic bonds PAL157732TK8 7.875% 1 000 000  USD 08/07/2019 08/07/2022

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: 09/17/2019 09/16/2019 09/13/2019 09/12/2019 09/11/2019 09/10/2019 09/09/2019
FOREX rates
[12689] USD/PAB 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
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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: 09/16/2019 09/13/2019 09/12/2019 09/11/2019 09/10/2019 09/09/2019 09/06/2019
CDS Panama
[13565] CDS 6M Panama 3.7400 3.6500 3.5900 3.6700 3.7700 3.7700 3.7700
[13627] CDS 1Y Panama 5.1700 5.0300 4.9500 5.0500 5.1900 5.1700 5.1700
[13689] CDS 2Y Panama 10.8000 10.5100 10.3400 10.5500 10.8500 10.8200 10.8100
[13751] CDS 3Y Panama 18.4100 17.9400 17.6500 18.0200 18.5300 18.5000 18.4900
[13813] CDS 4Y Panama 30.4300 29.6800 29.2100 29.8300 30.6900 30.6600 30.6600
[13875] CDS 5Y Panama 45.9000 44.8100 44.1200 45.0500 46.3700 46.3400 46.3500
[13937] CDS 7Y Panama 69.7100 68.3200 67.4000 68.6500 70.4500 70.4500 70.4700
[13999] CDS 10Y Panama 89.6600 88.2100 87.2200 88.5800 90.5700 90.6300 90.6400
[14061] CDS 15Y Panama 103.4800 102.2000 101.2800 102.5700 104.4500 104.5500 104.5600
[14123] CDS 20Y Panama 110.6700 109.5200 108.6700 109.8800 111.6800 111.8200 111.8100
[14185] CDS 30Y Panama 118.0900 117.1300 116.3900 117.4800 119.1700 119.3700 119.3300
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International bonds outstanding volume

Monthly indices

Type: Aug 2019 Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019
Latin America international bonds outstanding volume
[21433] Panama international bonds, USD bln 24.091 22.211 24.091 24.088 23.605 23.631 23.118
[21493] Panama corporate international bonds, USD bln 24.091 22.211 24.091 24.088 23.605 23.631 23.118
[21553] Panama sovereign international bonds, USD bln 16.804 14.804 15.187 15.176 15.178 15.176 15.504
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Inflation

Monthly indices

Type: Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019
Inflation (Latin America)
[15705] Inflation Rate (Panama) -0.60 -0.30 -0.50 0.00 -0.10 -0.18 -0.50
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Default probability (based on CDS)

Daily indices

Type: 09/16/2019 09/13/2019 09/12/2019 09/11/2019 09/10/2019 09/09/2019 09/06/2019
Default Probability Panama (Interactive Data)
[20359] 6M Default Probability Panama 0.0100 0.0100 0.0100 0.0100 0.0100 0.0100 0.0100
[20421] 1Y Default Probability Panama 0.0500 0.0500 0.0500 0.0500 0.0500 0.0500 0.0600
[20483] 2Y Default Probability Panama 0.2600 0.2500 0.2500 0.2500 0.2600 0.2600 0.2600
[20545] 3Y Default Probability Panama 0.6900 0.6700 0.6600 0.6800 0.7000 0.7000 0.7000
[20607] 4Y Default Probability Panama 1.5500 1.5200 1.5000 1.5300 1.5700 1.5700 1.5800
[20669] 5Y Default Probability Panama 2.9700 2.9100 2.8600 2.9200 3.0100 3.0100 3.0100
[20731] 7Y Default Probability Panama 6.3700 6.2600 6.1700 6.2800 6.4400 6.4400 6.4400
[20793] 10Y Default Probability Panama 11.6100 11.4500 11.3100 11.4800 11.7200 11.7200 11.7200
[20855] 15Y Default Probability Panama 19.5100 19.3200 19.1400 19.3400 19.6600 19.6600 19.6400
[20917] 20Y Default Probability Panama 26.8400 26.6600 26.4400 26.6700 27.0300 27.0300 27.0000
[20979] 30Y Default Probability Panama 39.8000 39.6500 39.3900 39.6300 40.0400 40.0400 39.9700
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New international bonds volume

Monthly indices

Type: Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019
Latin America new international bonds volume
[18449] New issues of Panama international bonds, USD bln 0.000 2.000 0.000 0.000 0.800 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: Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019
Latin America new international bonds number
[18507] Number of Panama new international bond issues 0 2 0 0 3 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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