January 1, 2005
Panama's securities commission, the Comisión Nacional de Valores (CNV), reports that the number of securities registered in the country in 2004 rose threefold to $488.6 million from $166 million in 2003. Foreign securities registered on the local primary and secondary markets accounted for a full $429 million, and they are likely to rise even more this year.
Issuers register their securities with the CNV just as they would with the SEC or any other regulator. However, registration is distinct from actual issuance, and not all securities that are registered - as with a shelf - are immediately issued. Banks account for most of the new primary issuance. Banistmo, Pana
Although more Panamanian companies are eyeing local capital markets for financing, foreign issuers still dominate the landscape.