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.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
