January 7, 2022
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
Venezuelan lender's local branch could raise $100 mln to meet capital requirements