Banco Panamá SA on Dec. 20 plans to launch an offering for two series of negotiable bonds worth a total of up to $5 million, according to supplementary information filed Dec. 19.

The series T bonds, which are for a period of one year, are worth up to $3.5 million and carry an annual interest rate of 3.50% payable on a quarterly basis. The series U bonds, which are for a period of six months, are worth up to $1.5 million and carry an annual interest rate of 3.00%, also payable on a quarterly basis.

Both series will be issued Dec. 22.

The issuance is part of the bank's negotiable bonds program for up to $100 million approved by Panama's securities regulator, the SMV, in December 2014.