By Paul A. Harris
St. Louis, July 25 - The Republic of Panama priced a $313 million add-on to its 7¼% sovereign bonds due March 15, 2015 (Ba1/BB/BB+) at 102.803 to yield 6.813% on Tuesday, according to an informed source.
The tap priced at a 175 basis point spread to Treasuries, which was on top of the price talk.
Barclays Capital was the bookrunner. Deutsche Bank was the co-manager.
The original $600 million issue priced at 99.301 to yield 7.35% in November 2004.
The total issue size following the $313 million add-on is $913 million.
| Issuer: | Republic of Panama
|
| Amount: | $313 million
|
| Maturity: | March 15, 2015
|
| Security description: | Add-on to 7¼% sovereign bonds
|
| Bookrunner: | Barclays Capital
|
| Co-manager: | Deutsche Bank
|
| Coupon: | 7¼%
|
| Price: | 102.803
|
| Yield: | 6.813%
|
| Spread: | 175 bps
|
| Trade date: | July 25
|
| Settlement date: | Aug. 1 with accrued interest
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB
|
| Fitch: BB+
|
| Original issue: | $600 million priced at 99.301 to yield 7.35%
|
| Total issue size: | $913 million
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
