Panama Goes Long in Bond Return
Panama has returned to the market to issue a $750m 40-year bond, for what people close to the deal say would be a similar price to the 30-year it had been eyeing. The $4.5bn-plus book highlighted the appetite for an infrequent, investment-grade issuer which has averaged 9.9% GDP growth over the last three years. Emerging with 4.35%-area guidance, the Baa2/BBB/BBB sovereign launched at a slightly tighter 4.30%, pricing the 2053 amortizer at par with a 4.30% coupon,...
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