LAUNCH - Republic of Panama US$2.98bn 2pt 8yr & 12yr
LAUNCH:
US$1.49bn 8yr at T+140bp
US$1.49bn 12yr at T+160bp
GUIDANCE:
8yr T+145 area
12 T+165 area
Republic of Panama (PANAMA), Baa3/BBB-, announced a US$ SEC registered 2-pt 8-year (2/23/34) & 12-year (2/23/38) senior unsecured global notes via bookrunners: BofA/JPM. UoP: (i) in part, for liability management transactions, which may include payment of the purchase price for all or a portion of outstanding global bonds that Panama may purchase pursuant to its tender offer, on the terms and subject to the conditions of the Tender Offer, and/or (ii) for general budgetary purposes.. MWC. Par call 2 months (8yr), par call 3 months (12yr) prior to maturity. Denoms 200k x 1k. Pricing is expected today. Settlement: 2/26/26
IPTs: 8yr Y+175 area , 12yr T+195 area