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Panama's Banco La Hipotecaria to issue $5M in short-term debt

Panama's Banco La Hipotecaria SA on May 16 will issue two series of negotiable commercial securities for a total of $5 million, according to regulatory filings filed May 10.

The series BC securities, worth $3.9 million, have an interest rate of 4.25% and a term of two years. Meanwhile, the series BD notes, worth $1.1 million, yield at an interest rate of 4.50% and mature in three years. Both will be offered May 14.

Both series have an AA-(pan) rating from Fitch Ratings.

Funds from the issuances will be used to finance the growth of the issuer's mortgage loan portfolio.