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Panama's Hipotecaria Metrocredit to offer $5.4M in bonds

Panama's Hipotecaria Metrocredit SA will auction three series of bonds in the coming weeks, according to filings to the country's financial regulator SMV.

On June 8, the company will auction the 360-day series AM securities for up to $1.0 million. They will carry a fixed annual interest rate of 6.75% and will be issued June 10.

On June 22, the lender plans to offer 360-day series AN bonds worth $3.4 million with a fixed annual 6.75% rate. These securities will be issued June 26, according to the filings.

Meanwhile, on July 3, Metrocredit will auction the series AO bonds worth $1.0 million, which also mature after 360 days and carry fixed annual 6.75% rate. Those securities are set to be issued July 5.

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