Panama Sells $3 Billion of Bonds in First Deal Under Mulino

Panama sold $3 billion of global bonds in its first deal since President Jose Raul Mulino took office almost two years ago, ending a hiatus during which the government had negotiated a series of bank loans.

The Central American nation offered $1.49 billion of notes due in 2034 and another $1.49 billion of bonds maturing in 2038, according to people familiar with the matter. The deal priced at spreads of about 140 and 160 basis points, respectively, over similar US Treasuries, after tightening from initial price talks, said the people, who asked not to be identified discussing a private matter.