ENA Ready for Bond

ENA Ready for Bond

Panama Bonds

Panamanian toll-road operator Empresa Nacional de Autopista (ENA) is heard aiming for a low 5%-area yield for a new 2028 bond transaction. The Baa3 deal is to be issued through the ENA Norte Trust as soon as today at an expected $600m size. The bonds with an expected maturity of 2023 and 6.86-year average life feature no mandatory amortization and a 100% cash sweep. Moody's projects full amortization of the notes prior to maturity. Additional bondholder protections include a debt reserve fund th

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