Banconal tightens as buyers spot sov pick-up

Panama City, Banistmo, Panama, skyscrape, cityscape, ocean, LatAm, 575
By Oliver West
06 Aug 2020

The first ever international bond issued by government-owned lender Banco Nacional de Panamá (Banconal) performed well on the break this week as investors said the deal offered a healthy pick-up to the sovereign curve.

Credit Suisse and Goldman Sachs had on Tuesday set initial price thoughts for Baa1/BBB+/BBB rated Banconal’s proposed 10-year benchmark at mid 200bp over US Treasuries, and attracted some $4.8bn of orders.
This allowed the leads to offer guidance at 210bp, plus or minus 10bp, before launching a ...

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