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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

Moneda Outstanding bond issues Cumulative volume
Soberano
USD 21 18 938 917 000
JPY 1 41 500 000 000
Corporativo
USD 672 14 690 446 000
CHF 3 185 000 000
JPY 1 8 000 000 000

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
Banistmo, 4.25% 16aug2021, USD (B) - Bonos locales PAL302181JB2 4.25% 20 635 000  USD 16/08/18 16/08/21
Banistmo, 5% 16aug2023, USD (C) - Bonos locales PAL302181JC0 5% 13 800 000  USD 16/08/18 16/08/23
Banco La Hipotecaria, 4.25% 15aug2020, USD (I) - Bonos locales PAL341781NI9 4.25% 4 000 000  USD 15/08/18 15/08/20
Hipotecaria Metrocredit, 7.5% 14aug2020, USD (Q) - Bonos locales PAL157732OQ6 7.5% 1 000 000  USD 14/08/18 14/08/20
Hipotecaria Metrocredit, 7.5% 11aug2020, USD (Z) - Bonos locales PAL157731MZ3 7.5% 2 000 000  USD 11/08/18 11/08/20
Banco Aliado, 3.25% 8feb2019, USD (E) - Bonos locales PAL3186219E1 3.25% 2 000 000  USD 10/08/18 08/02/19
Banco Panama, 4.625% 8aug2021, USD (T) - Bonos locales PAL3005113T3 4.625% 1 000 000  USD 08/08/18 08/08/21
CIFI, 6.08% 8aug2024, USD (G) - Bonos locales PAL3009912G1 6.08% 17 500 000  USD 08/08/18 08/08/24
CIFI, 6.08% 8aug2024, USD (J) - Bonos locales PAL3009912J5 6.08% 27 500 000  USD 08/08/18 08/08/24
CIFI, 6.25% 8aug2025, USD (H) - Bonos locales PAL3009912H9 6.25% 7 500 000  USD 08/08/18 08/08/25

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 Jul 2018 Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018 Feb 2018
Emerging Markets International Bonds (Latin America)
New issues of Panama international bonds, USD bln 0.000 0.000 0.225 1.200 1.200 0.000 0.000
Number of Panama new international bond issues 0 0 1 1 1 0 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 Jul 2018 Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018 Feb 2018
Latin American International Bonds Markets
Panama international bonds, USD bln 20.760 20.803 20.996 20.769 20.771 19.634 19.635
Panama corporate international bonds, USD bln 20.760 20.803 20.996 20.769 20.771 19.634 19.635
Panama sovereign international bonds, USD bln 14.944 14.947 14.955 14.953 14.953 13.764 13.762
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Currencies

Daily indices

Type: 16/08/18 15/08/18 14/08/18 13/08/18 10/08/18 09/08/18 08/08/18
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: 16/08/18 15/08/18 14/08/18 13/08/18 10/08/18 09/08/18 08/08/18
CDS Panama (Interactive Data)
CDS 6M Panama 8.8200 9.0400 8.7100 9.0200 9.3600 8.9700 8.7300
CDS 1Y Panama 11.1700 11.4300 11.0100 11.3900 11.7900 11.3000 10.9800
CDS 2Y Panama 17.2400 17.6600 17.0000 17.5800 18.5800 17.8200 17.3200
CDS 3Y Panama 26.9400 27.5900 26.5500 27.4800 29.5400 28.3300 27.5400
CDS 4Y Panama 41.6900 42.7000 41.1100 42.5400 44.1300 42.3300 41.1500
CDS 5Y Panama 57.8100 59.1900 57.0000 58.9900 59.5700 57.1700 55.5900
CDS 7Y Panama 81.0900 82.8200 80.0900 82.5800 87.1300 83.9600 81.8900
CDS 10Y Panama 105.9900 107.8900 104.8700 107.6200 111.9200 108.4300 106.1300
CDS 15Y Panama 126.5900 128.4100 125.4900 128.1700 140.0700 136.5300 134.2000
CDS 20Y Panama 136.3400 138.0700 135.2800 137.8600 154.3600 150.8600 148.5700
CDS 30Y Panama 145.3600 146.9500 144.3500 146.7700 169.6800 166.2900 164.0700
Default Probability Panama (Interactive Data)
6M Default Probability Panama 0.0400 0.0400 0.0400 0.0400 0.0500 0.0400 0.0400
1Y Default Probability Panama 0.1300 0.1300 0.1300 0.1300 0.1400 0.1300 0.1300
2Y Default Probability Panama 0.4300 0.4400 0.4300 0.4400 0.4700 0.4500 0.4400
3Y Default Probability Panama 1.0400 1.0700 1.0300 1.0700 1.1500 1.1100 1.0800
4Y Default Probability Panama 2.2000 2.2500 2.1700 2.2500 2.3300 2.2400 2.1800
5Y Default Probability Panama 3.8500 3.9400 3.8000 3.9300 3.9700 3.8200 3.7200
7Y Default Probability Panama 7.5800 7.7400 7.5000 7.7300 8.1600 7.8900 7.7000
10Y Default Probability Panama 14.0200 14.2600 13.9000 14.2300 14.7800 14.3700 14.0900
15Y Default Probability Panama 24.2000 24.5000 24.0500 24.4700 26.7300 26.1900 25.8400
20Y Default Probability Panama 33.1900 33.5100 33.0200 33.4900 37.3300 36.7300 36.3400
30Y Default Probability Panama 48.1000 48.4300 47.9200 48.4200 55.1000 54.4800 54.0900
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Macroeconomic Indicators (World economy)

Monthly indices

Type Jun 2018 May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Panama) 1.20 0.80 0.80 0.60 0.40 0.40 0.50
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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: 30/10/13 29/10/13 28/10/13 25/10/13 24/10/13 23/10/13 22/10/13
EMBI Global (publication was suspended since 30.10.2013) 
EMBI Global Panama * * * * * * *
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Cotizaciones

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Panama, 1.810% 25jan2021, JPY   JPY 25/01/21 18/05/16 ***.*** *.** 18/05/16 ***.**** *.**
Panama, 10.75% 15may2020, USD   USD 15/05/20 18/05/16 * 18/05/16 *** *.**
Panama, 3.75% 16mar2025, USD   USD 16/03/25 18/05/16 ***.* *.** 18/05/16 ***.* *.**
Panama, 3.875% 17mar2028, USD   USD 17/03/28 18/05/16 ***.** *.** 18/05/16 ***.* *.**
Panama, 4% 22sep2024, USD   USD 22/09/24 18/05/16 ***.* *.** 18/05/16 ***.** *.**
Panama, 4.3% 29apr2053, USD   USD 29/04/53 18/05/16 **.* *.** 18/05/16 **.** *.**
Panama, 5.20% 30jan2020, USD   USD 30/01/20 18/05/16 ***.** *.** 18/05/16 ***.* *.**
Panama, 6.70% 26jan2036, USD   USD 26/01/36 18/05/16 ***.* *.** 18/05/16 ***.* *.**
Panama, 7.125% 29jan2026, USD   USD 29/01/26 18/05/16 ***.* *.** 18/05/16 ***.*** *.**
Panama, 8.125% 28apr2034, USD   USD 28/04/34 18/05/16 ***.** *.** 18/05/16 ***.* *.**
Panama, 8.875% 30sep2027, USD   USD 30/09/27 18/05/16 ***.* *.** 18/05/16 ***.* *.**
Panama, 9.375% 16jan2023, USD   USD 16/01/23 18/05/16 ***.* *.** 18/05/16 ***.* *.**
Panama, 9.375% 1apr2029, USD   USD 01/04/29 18/05/16 ***.* *.** 18/05/16 ***.* *.**
Aes Panama, 6% 25jun2022, USD   USD 25/06/22 18/05/16 ***.*** *.** 18/05/16 ***.*** *.**
Aes Panama, 6.35% 21dec2016, USD   USD 21/12/16 18/05/16 ***.*** *.** 18/05/16 ***.*** *.**
Banco General, 1.625% 18jun2018, CHF   CHF 18/06/18 18/05/16 **.** *.** 18/05/16 **.** *.**
Banco Latinoamericano de Comercio Exterior, 3.25% 7may2020, USD   USD 07/05/20 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Banco Latinoamericano de Comercio Exterior, 3.750% 4apr2017, USD   USD 04/04/17 18/05/16 *** *.** 18/05/16 *** *.**
Canal de Panama, 4.95% 29jul2035, USD   USD 29/07/35 18/05/16 *** *.** 18/05/16 ***.** *.**
Empresa Nacional de Autopistas, 4.950% 25apr2023, USD   USD 25/04/23 18/05/16 ***.*** *.** 18/05/16 ***.*** *.**
Global Bank Corp, 3% 26nov2018, CHF   CHF 26/11/18 18/05/16 **.** *.** 18/05/16 ***.** *.**
Global Bank Corp, 4.750% 5oct2017, USD   USD 05/10/17 18/05/16 ***.*** *.* 18/05/16 ***.*** *.**
Global Bank Corp, 5.125% 30oct2019, USD   USD 30/10/19 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Minera Panama, 8.750% 1jun2020, USD   USD 01/06/20 18/05/16 **.*** **.* 18/05/16 **.*** *.**
Tocumen International Airport, 5.75% 9oct2023, USD   USD 09/10/23 18/05/16 ***.*** *.** 18/05/16 ***.*** *.**
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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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