Panama - Interest Reduction Bond (Brady IRB)

Panama - Interest Reduction Bond

Interest Reduction Bond issued under the Brady Plan restructuring agreement.

Issuer: The Republic of Panama
Guarantor: None
Issue Size: n/a
Maturity: 18 years
Interest Rate: Year 1..........................................3 1/2%
Year 2..........................................3 3/4%
Year 3..........................................4%
Year 4..........................................4 1/4%
Year 5..........................................4 1/2%
Year 6..........................................4 3/4%
Year 7..........................................5%
Years 8 to 18................................6-month LIBOR plus 13/16%
Coupon Frequency: Semi-annual
Issue Date: Expected during 1995
Amortisation: Repayable in 27 equal semi-annual installments beginning 5 years after issuance.
Options: Callable at par with accrued interest on coupon dates if no default.
Currency: US Dollar only
Form: Bearer securities
Denominations: $250,000 and multiples thereafter
Credit Rating: Not rated
Principal Collateral: None
Interest Payment Collateral: 6-months rolling interest guarantee expiring at the end of the seventh year