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Panama's Banistmo issues $50M in corporate bonds

Banistmo SA has issued $50.0 million worth of corporate bonds in the Panamanian market.

The five-year series A securities carry an annual interest rate of 3.75%, the bank said in a previous filing.

The transaction is the first series in the bank's corporate bond program of up to $300.0 million, and has an AAA(pan) long-term local rating from Fitch Ratings.

The bonds were issued through Banistmo's brokerage firm, Valores Banistmo, and was co-structured with Banca de Inversión Banistmo and Banca de Inversión Bancolombia.

Banistmo had earlier said the proceeds from the offering will be used for the growth of its loan portfolio.