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Banco Panamá to offer negotiable bonds worth $1M

Banco Panamá SA said it plans to issue $1.0 million worth of negotiable bonds on Oct. 23 at an interest rate of 3.50%.

The one-year, series AZ bonds are part of a $100 million note issuance program, the bank said in a filing.

Proceeds from the issuance will be used to grow productive assets and for working capital, as well as for potential debt restructurings, among other uses.