Panama eyes liability management ahead of US $3.2 billion in maturities

Panama is starting to explore liability management options ahead of US $3.2bn of debt maturities falling due over the next six years, the country's head of public credit told IFR on Saturday. "We have been looking at liability management operations for various important maturities," Katyuska Correa de Jimenez, Panama's director of public financing, told IFR on the sidelines of the IDB meetings in the Bahamas.
"We are going to be more active in liability management than fresh money for financing the deficit." Over the next few years, the country faces maturities including two local dollar-denominated bonds - US $993m of 5% 2018s and US $400m of 3% 2019s - as well as two international bonds - a US $1.5bn 5.20% 2020 and a US $344m-equivalent Samurai due in 2021.