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NEW YORK, March 11 (IFR) - The Republic of Panama has opened order books for a new US dollar-denominated bond with a maturity of 10 years, according to market sources.
The sovereign, rated Baa2/BBB/BBB, has set initial price thoughts of 200bp area over US Treasuries for the sale, which will have a benchmark size.
Proceeds will be used for general budgetary purposes and for liability management transactions.
Bank of America Merrill Lynch and Deutsche Bank are the lead managers on the transaction, which is expected to launch and price later on Monday.
Reporting by Davide Scigliuzzo; Editing by Paul Kilby