Panama could be considered the anti-Mexico. Both are stable Latin American countries with strong currencies (Panama is dollarized) but their borrowing strategies couldn’t be further apart. Mexico, Euromoney’s best sovereign borrower this year, is a huge issuer that likes to set big benchmarks and make big, splashy announcements in the market, like being the first country to include collective action clauses in its bonds, or being the first to retire its Brady debt.
Panama, on the other hand, is small and much more discreet.
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