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Fed Surprise Wrecks Panama Tap

Mar 19, 2009

Panama left a large pile of cash on the table during a Wednesday bond reopening that was crippled by a surprise move from the US Fed, say investors and bankers. Just how much the Central American issuer could have saved by waiting is unclear, but the market was generally scathing of the reopening of a 7.25% coupon 2015 issue for $323m. “They gave away a lot of...

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At a fundamental level, the issue is how to generate healthy returns in the medium to long term. Policy holders can see their fund go down over the course of a week or a month, but what we really should be looking at is returns over 20 or 30 years.

Daniel Schydlowsky, Peru’s banking, insurance and private pension fund regulator


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