Panama's Towerbank International Inc. on Feb. 8 plans to offer 6-month negotiable bonds worth up to $2 million, according to a securities filing.

The series S bond, to be issued Feb. 10, will carry an annual interest rate of 3.0%, payable on a monthly basis.

The offering is part of the bank's negotiable bonds program for up to $20 million approved by Panama's securities regulator in March 2012.