AWARDS: Best Infrastructure Financing: Central America.

AWARDS: Best Infrastructure Financing: Central America.

Corporate & Sovereign Strategy Project & Infrastructure Finance Central America

When the Panama Canal Authority (PCA) sold a 20-year bond for $450 million in September 2015, it managed a feat rarely seen in Latin America. The sub-sovereign issuer got higher credit ratings than the sovereign, allowing it to price a long-term bond at a lower spread. The bond, rated A2/A-/A, was priced at 220 basis points over US Treasury notes, to yield 5.09%. The spread stood around 15 basis points inside where Panama would have priced a new 20-year bond. The competitive pricing on the almost benchmark-size transaction, with the proceeds going to finance the construction of a third bridge over the canal, made the bond deal the choice for LatinFinance’s award for Best Infrastructure Fin

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