Panama - Past Due Interest Bond (Brady PDI)

Panama - Past Interest Due Bond

Past Interest Due Bond issued under the Brady Plan restructuring agreement.

Issuer: The Republic of Panama
Guarantor: None
Issue Size: USD 1,500,000,000 (estimated)
Maturity: 20 years
Interest Rate: 6-month LIBOR plus 13/16%
During years 1 to 6 a portion of interest due between 4% and L+13/16
may be capitalized at the option of the Republic.
Coupon Frequency: Semi-annual
Issue Date: Expected during 1995
Amortisation: Repayable in 21 equal semi-annual installments beginning 10 years after issuance.

Installments 1 to 8.............................2% of principal
Installments 9 to 11...........................3% of principal
Installments 12 to 21.........................7 1/2% of principal

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: None