This is the first public bond sale by Indesa Finance, Panamanian subsidiary of Indesa Holding.
“These bonds mature in three years, and pay 6.5% annual interest. The sale was approved by the National Securities Commission”, reported Laestrella.com.pa.
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Grupo Toledano is to issue $45 million in corporate bonds to be used to settle debts with creditors and banks, and as working capital.
Capital.com.pa reports that "According to the prospectus published on the Panama Stock Exchange (BVP), the corporate bonds are divided into seven series that meet the following amounts: Class A-1, up to $5 million, Series A-2, up to $5 million, Series B, up to $15 million and the Series C, D, E and F together totaling $20 million. "
With the industrial sector leading the way, Panamanian companies are increasingly going to the local stock market for their financing.
"According to the registry of the Superintendency of Securities Market (SMV), up to early May there were $440 million in securities belonging to different companies, and another $1.033 billion were in the process of being registered," noted an article in Laestrella.com.pa.
The Panama branch of the International Bank of Costa Rica (BICSA) has made a public offer of corporate bonds worth $100 million.
The listing and negotiation of these bonds has been authorized by the Panama Stock Exchange (BVP) and the National Stock Commission of Panama, however this authorization does not imply a recommendation or opinion of these stocks or the issuer, indicated a press release from the BVP.
The Nicaraguan financial company Finnancia Credit is to issue commercial securities in the amount of $5 million on the Panamanian market.
The Negotiable Commercial Securities (VCN by their initials in Spanish) will be issued in three series with terms of one year and will have an interest rate of 7% per annum for the first series, which was released on April 30 in the amount of $2 million.