Global Bank Aims for $200m Covered Bond

Global Bank Aims for $200m Covered Bond

Panama Bonds Structured Finance

Panama’s Global Bank is targeting a $200m size for a covered bond, according to S&P, which assigns a BBB minus rating. In what would be the first covered bond in LatAm, the bank is looking at a 5 to 7-year tenor with a legal maturity of 30 years. The rating is a notch higher than Global’s BB+ rating, reflecting a first recourse to Global Bank and subsidiaries, and second recourse to a portfolio of mortgages transferred to a guarantee trust in an event of default, S&P says. In addition, the monet

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