| File Pursuant to Rule 433 | ||
| Registration Statement 333-135234 | ||
| Relating to Preliminary Prospectus Supplement dated June 2, 2008 |
Republic of Panama
Final Term Sheet
Issuer: Republic of Panama
Transaction: Re-opening of 7.250% Global Bonds due 2015
Distribution: SEC Registered
Amount Issued: U.S.$235,000,000 (brings total aggregate principal amount to U.S.$1,148,000,000)
Coupon: 7.250% (30/360-day count basis)
Maturity: March 15, 2015
Offering Price: 109.564% plus accrued interest from March 15, 2008
Yield to maturity: 5.533%
Spread to Benchmark Treasury: +158 basis points
Benchmark Treasury: 3.875% due May 15, 2018
Benchmark Treasury Yield: 3.953%
Underwriting Fee: 0.20%
Form: Book-Entry Only, registered in the name of Cede & Co, as the nominee of DTC.
Denominations: U.S.$1,000 and integral multiples of U.S.$1,000 in excess thereof.
Interest Payment Dates: March 15 and September 15
Beginning: September 15, 2008
Settlement: June 11, 2008
CUSIP: 698299 AU 8
ISIN: US698299 AU 88
Underwriting: Under the terms and subject to the conditions contained in an Underwriting Agreement incorporated by reference in the Terms Agreement, dated June 2, 2008, Citigroup
Global Markets Inc. and Deutsche Bank Securities Inc. as the underwriters have agreed to purchase and Panama has agreed to sell to the underwriters, the principal amount of the global bonds indicated below:
Underwriters:
Citigroup Global Markets Inc. | $ | 117,500,000 | |
Deutsche Bank Securities Inc. | $ | 117,500,000 | |
Total | $ | 235,000,000 |
A preliminary prospectus supplement of the Republic of Panama accompanies the free-writing prospectus and is available from the SEC’s website athttp://www.sec.gov/Archives/edgar/data/76027/000119312508126117/d424b5.htm.
The issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the Securities and Exchange Commission for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, the underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Citigroup Global Markets Inc. at (800) 558-3745 or Deutsche Bank Securities Inc. at (800) 503-4611.
Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or other notice was automatically generated as a result of this communication being sent via Bloomberg or another email system.
