A $1 billion bond issue by The National Bank of Panama (BNP) in international markets, on Tuesday August 4 was over- subscribed by $4.8 billion. The maturity of the issue is 10 years, and it was placed at a rate of 2.5%.
“It is the largest issue and at the lowest rate obtained by a financial institution in the country. It really is a historic day, since in the framework of the pandemic, the full confidence that the capital markets have in Panama has been demonstrated. We came out with an issue of up to $ 1,million , approved by our board of directors and the Cabinet Council, and we have achieved a demand of almost 5 times more, ”said Javier Carrizo Esquivel, general manager of BNP.
In the auction process of this issue, the first time that BNP issues bonds in international markets, more than 200 investors from different regions of the world participated. The placement was in charge of Credit Suisse and Goldman Sachs, covering the markets of the United States, Europe, Asia and Latin America.
The main purpose of the issue is to diversify the bank's sources of resources and improve the maturity profile of the liabilities by obtaining long-term funds, the bank said.
Editor. Not sure if you read the comments but if so please know your server is really hopeless. It takes hours literally to get through. For those equally frustrated I recommend Panama Times Higher quality print and no delay on loading. Plus none of the nonsense of counting traffic lights.