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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 23 19 351 817 000
JPY 1 41 500 000 000
Corporativo
USD 640 14 492 655 000
CHF 4 365 000 000
EUR 1 1 000 000
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.) ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Mifinanciera, 7.75% 24may2023, USD (E) - Bonos locales PAL3008121E5 7.75% 1 000 000  USD 24/05/18 24/05/23
Prival Bank, 4% 12may2019, USD (C) - Bonos locales PAL3009811C4 4% 1 745 000  USD 17/05/18 12/05/19
Banco Aliado, 3.26% 16nov2018, USD (W) - Bonos locales PAL3186218W5 3.26% 2 350 000  USD 16/05/18 16/11/18
Banco La Hipotecaria, 4.25% 16may2020, USD (C) - Bonos locales PAL341781NC2 4.25% 3 900 000  USD 16/05/18 16/05/20
Banco La Hipotecaria, 4.5% 16may2021, USD (D) - Bonos locales PAL341781ND0 4.5% 1 100 000  USD 16/05/18 16/05/21
Panacredit, 7.75% 15may2023, USD (B) - Bonos locales PAL329181BB8 7.75% 1 000 000  USD 15/05/18 15/05/23
Banco Aliado, 3.25% 11nov2018, USD (V) - Bonos locales PAL3186218V7 3.25% 1 000 000  USD 11/05/18 11/11/18
Hipotecaria Metrocredit, 8% 9may2023, USD (G) - Bonos locales PAL157732OG7 8% 250 000  USD 09/05/18 09/05/23
Banco La Hipotecaria, 4.25% 7may2020, USD (B) - Bonos locales PAL341781NB4 4.25% 780 000  USD 07/05/18 07/05/20
Panacredit, 6.25% 6may2020, USD (A) - Bonos locales PAL329181BA0 6.25% 500 000  USD 06/05/18 06/05/20

World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Panamanian international bonds, USD bln 20.300 20.100 19.800 19.800 19.200 18.500 18.100
BIS net issues of international-bond market of emerging countries
International-bond net issue of Panama, USD bln 0.200 0.400 0.000 0.600 0.700 0.400 0.100

New issues of Emerging markets International Bonds

Monthly indices

Type Apr 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017
Emerging Markets International Bonds (Latin America)
New issues of Panama international bonds, USD bln 1.200 1.200 0.000 0.000 0.000 0.000 0.300
Number of Panama new international bond issues 1 1 0 0 0 0 1
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Emerging Markets International Bonds

Monthly indices

Type Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017
Latin American Markets International Bonds
Panama\'s international bonds, USD bln 19.857 19.858 19.853 19.795 20.137 19.827 20.143
Panama\'s corporate international bonds, USD bln 6.093 6.096 6.100 6.053 6.050 5.744 6.055
Panama\'s sovereign international bonds, USD bln 13.764 13.762 13.753 13.742 14.088 14.084 14.087
Latin American International Bonds Markets (adjusted for amortization)
Panama international bonds, USD bln 19.802 19.803 19.801 19.743 19.740 19.433 19.748
Panama corporate international bonds, USD bln 19.802 19.803 19.801 19.743 19.740 19.433 19.748
Panama sovereign international bonds, USD bln 13.764 13.762 13.753 13.742 13.742 13.738 13.742
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Currencies

Daily indices

Type: 23/05/18 22/05/18 21/05/18 18/05/18 17/05/18 16/05/18 15/05/18
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: 23/05/18 22/05/18 21/05/18 18/05/18 17/05/18 16/05/18 15/05/18
CDS Panama (Interactive Data)
CDS 6M Panama 9.1300 9.1300 9.2700 9.4900 9.1200 8.6900 8.8600
CDS 1Y Panama 13.0700 13.0600 13.2500 13.5300 12.9900 12.3800 12.6100
CDS 2Y Panama 21.2400 21.2300 21.5500 22.0000 21.1300 20.1200 20.5000
CDS 3Y Panama 32.8500 32.8400 33.3300 34.0400 32.6900 31.1500 31.7300
CDS 4Y Panama 51.8800 51.8900 52.6700 53.7700 51.6700 49.2400 50.1700
CDS 5Y Panama 73.0100 73.0400 74.1400 75.6700 72.7400 69.3400 70.6700
CDS 7Y Panama 102.8900 102.9200 104.3000 106.2400 102.5400 98.2300 99.9700
CDS 10Y Panama 127.5900 127.6200 129.1100 131.1800 127.2000 122.5700 124.5100
CDS 15Y Panama 154.6400 154.6600 156.1400 158.1300 154.2500 149.6600 151.6900
CDS 20Y Panama 168.5300 168.5500 170.0000 171.8900 168.1400 163.6900 165.7400
CDS 30Y Panama 182.8400 182.8500 184.2400 185.9500 182.4400 178.2500 180.3200
Default Probability Panama (Interactive Data)
6M Default Probability Panama 0.0700 0.0700 0.0700 0.0800 0.0700 0.0700 0.0700
1Y Default Probability Panama 0.1900 0.1900 0.1900 0.2000 0.1900 0.1800 0.1900
2Y Default Probability Panama 0.6000 0.6000 0.6100 0.6300 0.6000 0.5700 0.5800
3Y Default Probability Panama 1.3800 1.3800 1.4000 1.4400 1.3800 1.3200 1.3400
4Y Default Probability Panama 2.9000 2.9100 2.9500 3.0200 2.9100 2.7700 2.8300
5Y Default Probability Panama 5.1000 5.1100 5.1900 5.3000 5.1000 4.8700 4.9600
7Y Default Probability Panama 9.9300 9.9400 10.0700 10.2700 9.9300 9.5300 9.7000
10Y Default Probability Panama 17.0800 17.1100 17.2900 17.5600 17.1000 16.5200 16.7600
15Y Default Probability Panama 29.4900 29.5300 29.7700 30.1000 29.5200 28.7900 29.1200
20Y Default Probability Panama 40.3800 40.4300 40.6900 41.0400 40.4300 39.6300 40.0000
30Y Default Probability Panama 58.0500 58.1300 58.3900 58.7000 58.1500 57.3600 57.7400
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Macroeconomic Indicators (World economy)

Monthly indices

Type Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Panama) 0.80 0.60 0.40 0.40 0.50 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 (ABS)   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
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200 000
issues: local and international bonds
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countries
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