Banco Panamá SA on Jan. 27 plans to offer up to $1.5 million in 6-month negotiable bonds carrying an interest rate of 3.125%, the bank said in a Jan. 24 filing.

The series Y bonds, which will be issued Jan. 31, are part of the bank's $100 million bond program.

The issuance will mark the third time the bank has tapped the debt market so far in 2017 after offering series W and X bonds worth a total up to $6.15 million in mid-January.