ENA Prints on Volatile Day

ENA Prints on Volatile Day

Panama Bonds Structured Finance

Panama’s Empresa Nacional de Autopista (ENA) ventured into volatile markets Thursday to price $395m in dual-tranche bond. Demand was three times over across both tranches, with buyers comprising local banks as well as US insurance companies and pension funds. Tranche A was placed mostly with international accounts, while Tranche B went to domestic investors. “At well over +125bp spread to the sovereign curve, these bonds, especially the 2019 tranche, were very attractively priced,”

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