Investors Buy Into Panama Swap

Investors Buy Into Panama Swap

Panama

Panama will today close its books on a debt swap expected to be worth around $500m, say people involved in the process. Final pricing, yields and allocations are to be delivered at 200pm New York time today. Panama is offering to exchange existing 9.625% 2011 and 9.375% 2012 bonds for reopened 9.375% 2029s, in a bid to move investors to a more liquid point on its curve. The 2011 notes have been repurchased at a spread of 107bp over equivalent UST, while the 2012s are being exchanged at a spread

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