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Towerbank International to issue bonds worth about $5.0M

Panama's Towerbank International Inc. said it plans to issue one-year bonds worth about $5.0 million.

The series AI bonds will be offered Oct. 12 and issued Oct. 16. They carry an interest rate of 3.75% and will mature Oct. 11, 2018.

The offering is part of the bank's rotating commercial securities program for up to US$50 million.