Banco Panameño de la Vivienda SA on May 18 plans to auction bonds worth $5.2 million under a $50.0 million debt program.

The one-year series CN notes carry a 3.875% interest rate and will be issued May 22, the Panama-based bank, known as Banvivienda, said in a securities filing.

Proceeds from the offering will be used to expand the company's productive assets.