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Panama's Metrocredit to offer $3.5M in mortgage bonds

Panama-based Hipotecaria Metrocredit SA will offer three series of debt securities in the coming months, according to filings with financial regulator SMV.

On March 26, the company will auction the two-year series A mortgage bonds for up to $2.0 million. The securities will carry a fixed annual interest rate of 7.50% and will be issued March 28.

On April 3, the lender will offer two-year series B mortgage bonds worth $1.0 million with a fixed annual 7.50% rate. These securities will be issued April 5, according to the filings.

Meanwhile, Metrocredit on April 10 will auction two-year series C mortgage bonds worth $500,000, which also carry a fixed 7.50% rate. Those securities are set to be issued April 12.

Metrocredit intends to use the proceeds from the offerings to expand its loan portfolio.