Panama Buys Back Bradies

Panama Buys Back Bradies

Panama

Panama has bought back all its outstanding Brady bonds, taking advantage of a call option on July 17. The move to buy back the $351.6 million bonds in circulation not only makes economic sense – by lowering debt service costs – but it is also seen as a symbolic act of severing links with a period of past insolvency. The sovereign used a one-year $320 million bank loan to prepay most of the debt. Panama has followed other sovereign issuers in the region in its move to improve the country's debt p

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