Banesco draws up perpetual notes in Panama

Banesco draws up perpetual notes in Panama

Bonds Debt Capital Markets Equity Panama Venezuela

The Panamanian subsidiary of Venezuelan bank Banesco has registered a perpetual bond program for as much as $100 million with local securities regulator SMV, Fitch Ratings said in a report on Thursday. The bonds do not have a maturity date, but they cannot be redeemed for at least six years, according to Fitch. Banesco will use the proceeds to add to its Tier 1 capital to fulfill the SMV's requirements for local lenders. Fitch said.  The rating agency assigned the bonds a BB+(pan) rating on the

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