Panama Kicks Off Japan Issuance

Panama Kicks Off Japan Issuance


Panama has become the region’s first sovereign issuer in 2011, pricing a JPY41.5bn ($502m) Samurai debut in Japan. The 10-year bond with a 1.81% coupon priced at par to yield yen Libor+48bp, the tight end of 47bp-50bp guidance, narrowed from an earlier 47bp-55bp range. Daiwa and Mitsubishi managed the sale. The bond comes with a 95% guarantee from the JBIC development bank “Clearly with a 1.81% coupon there were significant savings [versus a dollar issue], and we estimate savings of $100m over t

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