March 1997
Doubled and still in demand
Issuer: Republic of Panama
Amount: $500 million
Launched: February 10
Lead manager: BankBoston
Nothing sums up the current bullish attitude to the bond markets more than the Republic of Panama's $500 million Euro-144A bond issue. Just a year ago its Brady interest reduction bonds (IRBs) were trading at 950 basis points (bp) over US treasuries and, when Moody's and Standard and Poor's assigned them a rating two months ago, it was at the sub-investment grade of Ba1/BB+. But after extensive marketing the new deal was a blow-out even after doubling in size.
BankBoston won the mandate because of its earlier association with Panama. Steven DeSalvo, managing director and co-head of emerging market debt syndication, says: "We've been marketing Panama for some time now. We acted as their adviser on their Brady bond restructuring, and were their ratings adviser. We saw a story in Panama that others didn't appreciate until...
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