Panama Reopens Bonds, Tees Up Swap

Panama Reopens Bonds, Tees Up Swap

Panama

Panama has launched a two-step liability management exercise. On Monday it reopened its 2015 bonds, and today the sovereign plans to reopen its 2029 vintage, offering the notes to holders of its 2011 and 2012 issues. The sovereign priced Monday $235m of the 7.25% 2015, at 109.564, to yield 5.533% or 10-year UST plus 158bp. The 2015s, which have an average life 6.8 years, closed Monday’s session at 110.350, according to people close to the trade. The reopening adds to the $913m outstanding and pr

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