A) Auction Auction
Whereby the placement of instruments Public Debt is regulated by public auction.
B) Treasury Notes
Authorizing the issuance of state securities denominated Treasury notes and their placement in the local capital market
C) Treasure Bills
Cabinet Decree 4 of 26 January 2010: authorizing the issuance of government securities denominated Treasury notes and their placement in the local capital market, Cabinet Decree No. 8 of 18 April 2007 that authorizes the issuance of government securities denominated Treasury bills and other provisions.
D) Treasury Bonds
That allows one or several issues of Securities or Foreign Bonds of the Republic of Panama, in the amount of up to three billion dollars of the United States of America with 00/100 (USD 3,000,000,000.00) in the market international capital and / or servicing liability management dictate and other provisions.
That modifies Cabinet Decree No. 4 of February 26, 2013, which authorizes of instruments of the State called Treasury Bonds and its placement in the local capital markets for an amount up to one thousand five hundred millions of dollars of United States of America with 0/100 (US$1,500,000.00), with the object of partially financing the need for resources of the State’s General Budget of the fiscal year 2013 and/or to perform liability management operations.
Which amends Cabinet Decree No. 46 of December 28, 2011.
Authorizing the issuance of government securities denominated Treasury bonds and their placement in the local capital market
E) Authorization of issuance of Samurai Bonds
Authorizing the Republic of Panama to issue securities or Foreign Bonds of the Republic of Panama (the "Bonds Samurai") in the capital market of Japan through private placement procedure solely for qualified institutional investors; to register as an issuer of securities to the Japanese Securities Custody Center ("Japan Securities Depository Center, Incorporated" or "JASDEC"), and other provisions.
F) Detail of Current Bonds
*Note: The issue price of the bonds is indeed what the name implies; It is used as a source Bloomberg tool (DES function for each bonus). This information determines the YTM or actual cost of issuance.
E) Market Makers Program
Whereby the Market Makers Program of Public Debt of the Republic of Panama is regulated from the force 2014."
Designates participants Market Makers Program of Public Debt of the Republic of Panama for the fourth quarter of validity 2013
Promotes the Development of Market Makers Program of Public Debt of the Republic of Panama
• Regulation of Market Makers for securities market Domestic Public Debt of the Republic of Panama This regulation is a legal instrument that aims to define the formation, objectives, development, application entities, appointment and ratification of the participants, benefits , commitments, rankings, effects of non-compliance, performance measures, among others. Therefore it is expected to be the rules and conditions, as well as the behavioral model of Market Makers Program.
The Code of Conduct for the Programme Market Makers aims to contribute to the development of the market of Public Debt and thus stimulate the expansion of Domestic Capital Market in the Republic of Panama, the Market Makers undertake to observe the following rules of Ethics and Conduct.