Republic of Panama (PAGV) 2020-2

USD375.0006Apr-26-Baa1BBB+BBBFixedTsyT+high 200sT+262.5 a2503.75%-105.01900
USD1,250.00012Sep-32Sr. UnsecuredBaa1BBB+BBBFixedTsyT+195 aT+160 a1582.25%-100.00000
USD1,000.00040Jul-60Sr. UnsecuredBaa1BBB+BBBFixedTsyT+ low 200sT+1851853.87%-112.91500
Tranche Comments
6 yr: Registration: 144A/Reg S; Comments: USD375m 3.75% fxd. 144A/RegS. Citi/GS. T+262.5bp area (+/-12.5). T+ high 200s. T+250bp, Euroclearable. LEI: 549300SHS4T08CL0LP14; 12 yr: Registration: Registered; Comments: USD1.25bn 12yr fxd. SEC Registered. Citi/GS. T+160bp area (+/-2). T+ 195bp. T+158bp; 40 yr: Registration: Registered; Comments: USD1bn 40yr 3.87% fxd. SEC Registered. Citi/GS. T+185bp (the #). T+ low 200s. T+185bp. LEI: 549300SHS4T08CL0LP14;
Deal Comments
USD$1bn tap of 40yr 3.87% due 07/23/60
Use of Proceeds
General budgetary purposes and liability management