Bond Paname 2.252% ( US698299BN37 ) in USD

Paname

100 % ▲

Panama

US698299BN37 ( in USD )

2.252% per year ( payment 2 times a year)

28/09/2032

Prospectus brochure of the bond Panama US698299BN37 en USD 2.252%, maturity 28/09/2032

200 000 USD

2 500 000 000 USD

698299BN3

29/03/2026 ( In 15 days )

Panama issued a USD 2,500,000,000 2.252% bond (ISIN: US698299BN37, CUSIP: 698299BN3) maturing September 28, 2032, currently trading at 100% with a minimum purchase size of USD 200,000 and paying semi-annual coupons.

PROSPECTUS SUPPLEMENT
To prospectus dated December 1, 2020

U.S.$2,450,000,000
Republic of Panama
U.S.$1,250,000,000 2.252% Global Bonds due 2032
U.S.$1,200,000,000 3.870% Global Bonds due 2060

The Republic of Panama (the "Republic" or "Panama") will pay interest on the 2.252% Global Bonds due 2032 (the "2032 bonds") on March 29 and September 29 of each
year, commencing on March 29, 2021 and on the 3.870% Global Bonds due 2060 (the "2060 bonds", and together with the 2032 bonds, the "global bonds") on January 23 and
July 23 of each year, commencing on July 23, 2021. Panama will pay the principal of the 2032 bonds at maturity and of the 2060 bonds in three equal installments on July 23 of
each year commencing on July 23, 2058. The 2032 bonds will mature on September 29, 2032 and the 2060 bonds will mature on July 23, 2060. The global bonds will be
unsubordinated, unsecured (subject to the provisions in the global bonds providing for securing such obligations in the event certain other obligations of Panama are secured),
direct, unconditional and general obligations of Panama. The global bonds will be designated equal ranking securities and, as such, the global bonds will rank without any
preference among themselves and equally with all other unsecured and unsubordinated public indebtedness of Panama. It is understood that this provision shall not be construed so
as to require Panama to make payments under the global bonds ratably with payments being made under any other public indebtedness. See "Debt Securities--Status of the Debt
Securities" in the accompanying prospectus. Panama has pledged its full faith and credit for the due and punctual payment of principal and interest on the global bonds and all
obligations of Panama in respect of the global bonds.
The 2032 bonds will be a further issuance of, and will be consolidated to form a single series with, the outstanding U.S.$1,250,000,000 aggregate principal amount of
Panama's 2.252% Global Bonds due 2032 that were previously issued on September 29, 2020, and will be fully fungible with the outstanding 2032 bonds. The total aggregate
principal amount of the previously issued 2032 bonds and the 2032 bonds now being issued will be U.S.$2,500,000,000.
The 2060 bonds will be a further issuance of, and will be consolidated to form a single series with, the outstanding U.S.$750,000,000 aggregate principal amount of
Panama's 3.870% Global Bonds due 2060 that were previously issued on July 23, 2019 and the outstanding U.S.$1,000,000,000 aggregate principal amount of Panama's 3.870%
Global Bonds due 2060 that were previously issued on September 29, 2020, and will be fully fungible with the outstanding 2060 bonds. The total aggregate principal amount of the
previously issued 2060 bonds and the 2060 bonds now being issued will be U.S.$2,950,000,000.
Panama may, at its option, redeem the global bonds, in whole or in part, before maturity, on not less than 30 nor more than 60 days' notice on the terms described under
"Description of the Global Bonds--Optional Redemption" in this prospectus supplement. The holders of the global bonds will not be entitled to the benefit of any sinking fund.
The global bonds will be designated Aggregated Collective Action Securities and, as such, will contain provisions regarding future modifications to the terms of the global
bonds that differ from those applicable to Panama's outstanding public external indebtedness issued prior to March 16, 2015. Under these provisions, which are described under
"Description of the Global Bonds--Meetings, Amendments and Waivers" in this prospectus supplement and "Aggregated Collective Action Securities" in the accompanying
prospectus, Panama may amend the payment provisions of any series of debt securities (including the global bonds) and other reserve matters listed in the fiscal agency agreement
with the consent of the holders of: (1) with respect to a single series of debt securities, more than 75% of the aggregate principal amount of the outstanding debt securities of such
series; (2) with respect to two or more series of debt securities, if certain "uniformly applicable" requirements are met, more than 75% of the aggregate principal amount of the
outstanding debt securities of all series affected by the proposed modification, taken in the aggregate; or (3) with respect to two or more series of debt securities, whether or not
certain "uniformly applicable" requirements are met, more than 66 2/3% of the aggregate principal amount of the outstanding debt securities of all series affected by the proposed
modification, taken in the aggregate, and more than 50% of the aggregate principal amount of the outstanding debt securities of each series affected by the proposed modification,
taken individually.
Application has been made to list the global bonds on the Official List of the Luxembourg Stock Exchange and to have such global bonds admitted to trading on the Euro
MTF Market.
Section 309B(1)(c) of the Securities and Futures Act (Chapter 289 of Singapore) Notification
The global bonds are prescribed capital markets products (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018).

See "Risk Factors" beginning on page S-10 for a discussion of factors you should consider before investing in the global bonds.
This prospectus supplement together with the prospectus dated December 1, 2020 constitutes a prospectus for the purpose of Part IV of the Luxembourg Law on
prospectuses for securities dated July 16, 2019.
Neither the United States Securities and Exchange Commission ("SEC") nor any other regulatory body has approved or disapproved of these securities or passed upon the
accuracy or adequacy of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.
The global bonds will be ready for delivery in book-entry form only through the facilities of The Depository Trust Company, or DTC, for the accounts of its participants,
including Clearstream Banking, société anonyme, and Euroclear Bank S.A./N.V., as operator of the Euroclear System, against payment in New York, New York, on or
about, January 27, 2021.

Proceeds to the Republic

Price to Public(1)

Underwriting Discount

before expenses

Per 2032 bond .................................................................
100.543%
0.065%
100.478%
Total for 2032 bonds .......................................................
$1,256,787,500
$812,500
$1,255,975,000
Per 2060 bond .................................................................
110.391%
0.065%
110.326%
Total for 2060 bonds .......................................................
$1,324,692,000
$780,000
$1,323,912,000

(1) Plus accrued interest, (i) with respect to the 2032 bonds, totaling U.S.$9,226,944 or approximately U.S.$7.381 per U.S.$1,000 in principal amount of bonds from
September 29, 2020 to January 27, the date the Republic expects to deliver the 2032 bonds offered by this prospectus supplement, and additional interest, if any,
from January 27, 2021, and (ii) with respect to the 2060 bonds, totaling U.S.$516,000 or approximately U.S.$0.430 per U.S.$1,000 in principal amount of bonds
from January 23, 2021 to January 27, the date the Republic expects to deliver the 2060 bonds offered by this prospectus supplement, and additional interest, if any,
from January 27, 2021.

Joint Book-Running Managers

BBVA

Morgan Stanley
The date of this prospectus supplement is January 20, 2021

Panama has only provided you with the information contained in or incorporated by reference in this prospectus supplement
and the accompanying prospectus. Panama has not, and the underwriters have not, authorized anyone to provide you with
different information. Panama and the underwriters are not making an offer of the global bonds in any jurisdiction where the
offer is not permitted. You should not assume that the information provided by this prospectus supplement or the
accompanying prospectus as supplemented by this prospectus supplement is accurate as of any date other than the date on the
front of this prospectus supplement.
TABLE OF CONTENTS
PROSPECTUS SUPPLEMENT

Page

About this Prospectus Supplement .............................................................................................................................................. S-iii
Forward-Looking Statements ...................................................................................................................................................... S-iii
Sovereign Immunity..................................................................................................................................................................... S-iv
Certain Legal Restrictions ............................................................................................................................................................ S-iv
Summary ......................................................................................................................................................................................
S-1
The Issuer ...........................................................................................................................................................................
S-1
Selected Panamanian Economic Indicators ........................................................................................................................
S-2
The Global Bonds ...............................................................................................................................................................
S-4
Risk Factors .................................................................................................................................................................................
S-8
Incorporation by Reference .......................................................................................................................................................... S-11
Use of Proceeds ........................................................................................................................................................................... S-12
Recent Developments ................................................................................................................................................................. S-13
Description of the Global Bonds .................................................................................................................................................. S-26
General Terms of the Global Bonds ................................................................................................................................... S-26
Optional Redemption ......................................................................................................................................................... S-27
Payments of Principal and Interest ..................................................................................................................................... S-29
Events of Default; Acceleration of Maturity ..................................................................................................................... S-30
Fiscal Agent........................................................................................................................................................................ S-30
Paying Agents; Transfer Agents; Registrar ....................................................................................................................... S-30
Definitive Bonds ................................................................................................................................................................ S-31
Notices ................................................................................................................................................................................ S-31
Further Issues of the Global Bonds .................................................................................................................................... S-31
Meetings, Amendments and Waivers ................................................................................................................................. S-31
Certain Amendments Not Requiring Holder Consent ....................................................................................................... S-33
Purchase of Global Bonds by Panama ................................................................................................................................ S-33
Governing Law ................................................................................................................................................................... S-34
Listing ................................................................................................................................................................................ S-34
Global Clearance and Settlement ................................................................................................................................................. S-35
Taxation ....................................................................................................................................................................................... S-38
Underwriting ................................................................................................................................................................................ S-43
Validity of the Global Bonds ....................................................................................................................................................... S-52
Official Statements and Documents ............................................................................................................................................. S-52
General Information ..................................................................................................................................................................... S-53

S-i

PROSPECTUS

Page

Where You Can Find More Information .....................................................................................................................................
2
Data Dissemination ......................................................................................................................................................................
2
Use of Proceeds ...........................................................................................................................................................................
3
Debt Securities .............................................................................................................................................................................
3
Collective Action Securities ........................................................................................................................................................
12
Aggregated Collective Action Securities .....................................................................................................................................
13
Warrants .......................................................................................................................................................................................
17
Governing Law ............................................................................................................................................................................
18
Jurisdiction and Enforcement.......................................................................................................................................................
18
Plan of Distribution ......................................................................................................................................................................
19
Selling Securityholders ................................................................................................................................................................
20
Validity of the Securities .............................................................................................................................................................
20
Official Statements ......................................................................................................................................................................
21
Authorized Representative ...........................................................................................................................................................
21
Glossary .......................................................................................................................................................................................
21

S-ii

ABOUT THIS PROSPECTUS SUPPLEMENT
The Republic of Panama, having made all reasonable inquiries, confirms that this prospectus supplement and the accompanying
prospectus and the documents incorporated by reference herein and therein together contain all information with respect to Panama
and the global bonds that is material in the context of the offering of the global bonds, and that such information is true and accurate in
all material respects and is not misleading, that the opinions and intentions expressed herein are honestly held and that, to the best of
Panama's knowledge and belief, there are no other facts the omission of which would make any such information or the expression of
any such opinions and intentions materially misleading. Panama accepts responsibility accordingly.
Panama has only provided or incorporated by reference information in this prospectus supplement and the accompanying
prospectus. Panama has not authorized anyone else to provide you with any other information. You should not assume that the
information in this prospectus supplement or the accompanying prospectus, or the information Panama has previously filed with the
SEC and incorporated by reference in this prospectus supplement and the accompanying prospectus, is accurate as of any date other
than their respective dates. Panama's economic, fiscal or political circumstances may have changed since such dates. Later
information that Panama files with the SEC updates and supersedes earlier information that is filed.
Panama is not offering to sell or soliciting offers to buy any securities other than the global bonds offered under this prospectus
supplement and the accompanying prospectus, nor is Panama offering to sell or soliciting offers to buy the global bonds in places
where such offers are not permitted by applicable law.
The global bonds described in this prospectus supplement are debt securities of Panama being offered under Registration
Statement Nos. 333-234067 and 333-250981 filed with the SEC under the U.S. Securities Act of 1933, as amended (collectively, the
"registration statement"); the accompanying prospectus is part of the registration statement. The accompanying prospectus provides
you with a general description of the securities that Panama may offer, and this prospectus supplement contains specific information
about the terms of this offering and the global bonds. This prospectus supplement also adds, updates or changes information provided
or incorporated by reference in the accompanying prospectus. Consequently, before you invest, you should read this prospectus
supplement together with the accompanying prospectus as well as the documents incorporated by reference in this prospectus
supplement and the accompanying prospectus. Those documents contain information regarding Panama, the global bonds and other
matters. The registration statement, any post-effective amendments thereto, the various exhibits thereto and the documents
incorporated therein by reference contain additional information about Panama and the global bonds. All such documents may be
inspected at the office of the SEC. Certain terms used but not defined in this prospectus supplement are defined in the prospectus.
References to "U.S.$" or "$" in this prospectus supplement are to U.S. dollars.
References to the "Republic" or "Panama" are to the Republic of Panama.
The distribution of this prospectus supplement and the accompanying prospectus and the offering of the global bonds in certain
jurisdictions may be restricted by law. Persons who receive copies of this prospectus supplement and the accompanying prospectus
should inform themselves about and observe any such restrictions. See "Underwriting" in this prospectus supplement.
FORWARD-LOOKING STATEMENTS
Panama has made forward-looking statements in this prospectus supplement and the accompanying prospectus. Statements that
are not historical facts are forward-looking statements. These statements are based on Panama's current plans, estimates, assumptions
and projections. Therefore, you should not place undue reliance on them. Forward-looking statements speak only as of the date they
are made, and Panama undertakes no obligation to update any of them in light of new information or future events.

Forward-looking statements involve inherent risks. Panama cautions you that many factors could affect the future performance
of the Panamanian economy. These factors include, but are not limited to:
·
interest rates in the United States and financial markets outside Panama;
·
political or governmental developments in Panama;
·
unintended consequences resulting from the implementation of economic or tax policies;
·
the imposition of trade barriers;
·
general economic and business conditions in Panama and the global economy;
S-iii

·
the ability of the Panama Canal to remain a competitive route for inter-oceanic transportation;
·
hostilities or political unrest in other countries that may affect international trade, commodity prices and the global
economy; and
·
the occurrence of natural disasters, regional or global pandemics, or similar events.
SOVEREIGN IMMUNITY
Panama is a foreign sovereign state. Consequently, your ability to sue and enforce judgments against Panama may be limited.
For more information, see "Jurisdiction and Enforcement" in the accompanying prospectus.
CERTAIN LEGAL RESTRICTIONS
The distribution of materials relating to the offering of the global bonds, and the transactions contemplated by the offering, may
be restricted by law in certain jurisdictions. If materials relating to the offering of the global bonds come into your possession, you are
required by Panama to inform yourself of and to observe all of these restrictions. The materials relating to the offering of the global
bonds do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are
not permitted by law. If a jurisdiction requires that the offering be made by a licensed broker or dealer and either of the Underwriters,
or any affiliate of either Underwriter, is a licensed broker or dealer in that jurisdiction, the offering of the global bonds shall be
deemed to be made by such Underwriter or such affiliate on behalf of Panama in that jurisdiction.
PROHIBITION OF SALES TO EEA RETAIL INVESTORS--The global bonds are not intended to be offered, sold or
otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European
Economic Area ("EEA"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in
point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or (ii) a customer within the meaning of Directive
2016/97/(EU) (as amended, the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as
defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document required by Regulation (EU) No
1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the global bonds or otherwise making them available to retail
investors in the EEA has been prepared and therefore offering or selling the global bonds or otherwise making them available to any
retail investor in the EEA may be unlawful under the PRIIPs Regulation.
PROHIBITION OF SALES TO UK RETAIL INVESTORS--The global bonds are not intended to be offered, sold or
otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom
("UK"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of
Article 2 of Regulation (EU) 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018
("EUWA"); or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (the "FSMA") and
any rules or regulations made under the FSMA to implement the Insurance Distribution Directive, where that customer would not
qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law
by virtue of the EUWA. Consequently no key information document required by Regulation (EU) No 1286/2014 as it forms part of
domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for offering or selling the global bonds or otherwise making them
available to retail investors in the UK has been prepared and therefore offering or selling the global bonds or otherwise making them
available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.
S-iv

SUMMARY
This summary should be read as an introduction to this prospectus supplement and the accompanying prospectus. Any decision
to invest in the global bonds by an investor should be based on consideration of this prospectus supplement and the accompanying
prospectus as a whole.
The Issuer
Overview
Panama is a republic located on the narrowest point of the Central American isthmus, which connects the continents of North
America and South America. It has a coastline of approximately 1,868 miles on the Caribbean Sea and Pacific Ocean, and is bordered
on the east by Colombia and on the west by Costa Rica. Panama has a national territory of approximately 29,157 square miles situated
within its coastline and 345 miles of land borders, and includes numerous coastal islands. The Panama Canal, which connects the
Atlantic and Pacific Oceans, bisects the country running northwest to southeast.
As of July 1, 2019, Panama had an estimated population of 4.2 million and a population density of 56.9 people per square
kilometer. The Panama Province, the Republic's largest province, is estimated to have comprised 52.7% of Panama's total population,
and the Colón Province, located at the northern terminus of the Panama Canal, is estimated to have comprised 7.0% of the total
population, at that date.
During the period from 2015 to 2019, the population grew by an average of 1.5% per annum. Approximately 69.0% of
Panama's population lives in cities and towns with more than 1,500 inhabitants, and 6.6% of the population is indigenous, some of
whom are seeking greater autonomy from the Government. Of the Panamanian population, 26.1% is under 15 years of age, 65.5% is
between the ages of 15 and 64, and 8.4% is over the age of 65. Average life expectancy in Panama is 78.5 years. The infant mortality
rate for 2018 was estimated at 14.2 per 1,000 births. Panama's official language is Spanish.
Panama's estimated per capita GDP for 2019, expressed in chained volume measure, was approximately U.S.$10,206.9.
According to the 2010 census, education indicators show that Panama's literacy rate for people over the age of ten years is
approximately 94.5%.
Government
Panama is a republic with a representative form of government. In 1972, the original version of the current Constitution was
adopted (the fourth in Panama's history), setting forth the structure of the Government, individual and collective rights and duties, and
the division of powers among the executive, legislative and judicial branches.
Executive power is vested in the President and the presidentially appointed Ministers, who constitute the Cabinet. The President
and the Vice President are each elected by direct, universal suffrage for a term of five years. The President and the Vice President may
not be reelected to the same office within ten years after the expiration of their term. In the event the President is unable to finish a
term, the Vice President would succeed to the presidency.
National legislative power is vested in the National Assembly (the "Assembly"), Panama's unicameral legislative body. The
number of electoral circuits, each comprising an average of approximately 60,000 persons, determines the number of legislators; the
Assembly currently has 71 seats. The full Assembly is elected by universal suffrage every five years. Members of the Assembly are
not subject to limits on the number of terms in office to which they may be elected. The Assembly has, among other powers, the
authority to enact legislation, ratify treaties, approve the budget and ratify the appointment of the Comptroller General, the Attorney
General and justices of the Supreme Court of Justice, referred to as the Supreme Court.
Judicial power is vested in the Supreme Court and various lower tribunals. The President appoints the nine justices of the
Supreme Court for staggered ten-year terms, subject to ratification by the Assembly. Lower court judges are appointed by the
Supreme Court. The judicial branch prepares its own budget and sends it to the executive branch for inclusion in the general budget
presented to the Assembly for approval. The Supreme Court is the final court of appeal and has the power to declare null and void
laws, regulations or other acts of the executive or legislative branches that conflict with the Constitution.
S-1

Panama is administratively divided into ten provinces and three territories. In each province, executive power is exercised by a
governor who is appointed by the President. There are no provincial legislative or judicial bodies. Provincial governments do not have
their own independent budgets. Within each province are municipalities that are, in turn, divided into precincts. Each municipality has
a municipal council and a mayor who exercises executive power. Mayors and members of municipal councils are elected by direct,
universal suffrage for five-year terms. Municipalities levy and collect municipal taxes and adopt their own budgets for financing local
projects.
On May 5, 2019, general elections were held in Panama. In the presidential elections, Laurentino Cortizo Cohen of the Partido
Revolucionario Democratico ("PRD") party was elected president of the Republic with approximately 33.35% of the votes. In the
National Assembly elections, the PRD won 35 seats, Cambio Democratico won 18 seats, Partido Panameñista won eight seats,
Movimiento Liberal Republicano Nacionalista ("MOLIRENA") won five seats and five independent candidates won seats. The new
government took office on July 1, 2019, for a five year term.
The Government is deploying various economic and public health measures to address the pandemic caused by the novel
COVID-19 virus, which are described in the Recent Development's section of this prospectus supplement as well as in the Republic's
Form 18-K filed with the SEC and incorporated herein by reference.

Selected Panamanian Economic Indicators(1)
The following table sets forth Panama's principal economic indicators for the years 2015 through 2019:

2015

2016

2017(P)

2018(E)

2019(E)

Economic Data:

GDP (millions, nominal dollars) .......................... $ 54,092
$
57,908
$
62,203
$
64,928
$
66,788
GDP (millions, constant dollars)(2) ....................... $ 36,376
$
38,178
$
40,313
$
41,763
$
43,033
GDP (% change, constant dollars)(2) .....................
5.7%
5.0%
5.6%
3.6%
3.0%
Service Sector (% change, constant
dollars)(2)(3) ..............................................
4.4%
4.7%
5.5%
4.2%
3.5%
Other (% change, constant dollars)(2)(4) .......
4.6%
5.2%
3.7%
7.9%
3.9%
GDP Per Capita (constant dollars)(2) .................... $
9,150
$
9,457
$
9,838
$
10,052
$
10,207
Population (millions) ...........................................
3.98

4.04

4.10

4.16

4.22
CPI--Period Average (% change) .......................
0.2%
0.7%
0.9%
0.8%
(0.4)%
Unemployment .....................................................
5.1%
5.5%
6.1%
6.0%
7.1%
Public Finance:

Total Consolidated Non-Financial Public Sector
Revenues (millions) ........................................ $ 10,701
$
11,647
$
12,432
$
12,756
$
12,286
Total Consolidated Non-Financial Public Sector
Expenditures (millions)(5) ................................ $ 11,909
$
12,700
$
13,436
$
14,614
$
14,387
Overall Surplus (Deficit) (millions) ..................... $ (1,208)
$
(1,053)
$
(1,160)
$
(1,859)
$
(2,101)
As % of Current GDP ..........................................
(2.3)%
(1.9)%
(1.9)%
(2.9)%
(3.1)%
Central Government Surplus (Deficit)
(millions) ......................................................... $ (2,010)
$
(2,203)
$
(1,942)
$
(2,071)
$
(2,505)
As % of Current GDP ..........................................
(3.9)%
(4.0)%
(3.1)%
(3.2)%
(3.8)%
Public Debt (at December 31):

Internal Debt (millions)........................................ $
4,573
$
4,700
$
4,984
$
5,112
$
6,795
External Debt (millions) ...................................... $ 15,648
$
16,902
$
18,390
$
20,575
$
24,223
Public Debt (as % of Current GDP)

Internal Debt ...............................................
8.5%
8.1%
8.0%
7.9%
10.2%
External Debt ..............................................
28.9%
29.2%
29.6%
31.7%
36.3%
Total Public Debt (millions) ................................ $ 20,221.7
$ 21,601.6
$ 23,373.6
$ 25,686.9
$ 31,018.5
Trade Data:

Exports (f.o.b.) Goods(6)(7) (millions) .................... $ 12,764
$
11,687
$
12,470
$
13,353
$
12,947
Imports (c.i.f.) Goods(6)(7) (millions) ..................... $ (22,550)
$
(20,699)
$
(22,291)
$
(23,966)
$
(22,261)
Goods Trade Balance(7) (millions) ........................ $ (9,786)
$
(9,012)
$
(9,822)
$
(10,614)
$
(9,314)
Current Account Surplus(7) (Deficit) (millions) .... $ (4,848)
$
(4,634)
$
(3,692)
$
(4,967)
$
(3,599)
S-2

2015

2016

2017(P)

2018(E)

2019(E)

Overall Balance of Payments Surplus (Deficit)(7)
(millions) ......................................................... $
(985)
$
1,327
$
(1,293)
$
(455)
$
1,958
Total Official Reserves (at December 31)
(millions) ......................................................... $
3,509
$
3,045
$
3,540
$
1,771
$
3,049
Note: Totals may differ due to rounding.

(R) Revised figures.
(E) Estimated Figures
(P) Preliminary figures.
(1) All monetary amounts in millions of U.S. dollars at current prices, unless otherwise noted.
(2) Constant GDP figures are based on 2007 constant dollars in chained volume measure.
(3) Including real estate, public administration, commerce, restaurants and hotels, financial services, the CFZ, the Panama Canal,
transportation and communications, public utilities and other services.
(4) Including mining, manufacturing, agriculture and construction.
(5) Including interest payments.
(6) Including the CFZ.
(7) Figures have been calculated pursuant to the sixth edition of the IMF Balance of Payments Manual.
Sources: Directorate of Analysis and Economic Policies, Office of the Comptroller General, Banco Nacional de Panamá ("BNP") and
Ministry of Economy and Finance.
S-3

The Global Bonds

Issuer
Republic of Panama.

Securities Offered
2.252% Global Bonds due 2032.

3.870% Global Bonds due 2060.

Aggregate Principal Amount
For the 2032 bonds: U.S.$1,250,000,000

For the 2060 bonds: U.S.$1,200,000,000

Maturity Date
For the 2032 bonds: September 29, 2032.

For the 2060 bonds: July 23, 2060.

Amortization of Principal
Panama will pay the principal of the 2032 bonds in a single installment
on September 29, 2032.

Panama will pay the principal of the 2060 bonds in three equal installments on July

23 of each year, commencing on July 23, 2058.

Issue Price
For the 2032 bonds: U.S.$1,005.43 per U.S.$1,000 principal amount plus accrued
interest totaling U.S.$9,226,944 or U.S.$7,381 per U.S.$1,000 principal amount of
2032 bonds from September 29, 2020, to but not including January 27, 2021, the
date Panama expects to deliver the bonds offered by this prospectus supplement,
and additional interest, if any, from January 27, 2021.

For the 2060 bonds: U.S.$1,103.91 per U.S.$1,000 principal amount plus accrued
interest totaling U.S.$516,000 or U.S.$0.430 per U.S.$1,000 principal amount of

2060 bonds from January 23, 2021, to but not including January 27, 2021, the date
Panama expects to deliver the bonds offered by this prospectus supplement, and
additional interest, if any, from January 27, 2021.

Interest Rate
For the 2032 bonds: 2.252% per annum, computed on the basis of a 360-day year,
consisting of twelve 30-day months.

For the 2060 bonds: 3.870% per annum, computed on the basis of a 360-day year,

consisting of twelve 30-day months.

Interest Payment Dates
For the 2032 bonds: Semi-annually in arrears on March 29 and September 29 of
each year. The first interest payment for the 2032 bonds will be on March 29,
2021, and such payment will include interest from September 29, 2020.

For the 2060 bonds: Semi-annually in arrears on January 23 and July 23 of each

year. The first interest payment for the 2060 bonds will be on July 23, 2021, and
such payment will include interest from January 23, 2021.

Single Series
The 2032 bonds will be a further issuance of, and will be consolidated to form a
single series with, the outstanding U.S.$1,250,000,000 aggregate principal amount
of Panama's outstanding 2.252% Global Bonds due 2032 that were previously
issued on September 29, 2020, and will be fully fungible with the previously issued
2032 bonds.
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