Metro de Panama $618.7 million securitization

Project finance, Securitisation

$ 618 million




  • SPARC EM issued $618.71 million series 2017-1 notes to finance the construction of Line 2 of the Panama City Metro.
  • The notes are due 2022. 
  • SPARC EM agreed to purchase no-objection certificates ("CDNOs") which the Metro de Panamá delivered as payment. 
  • This was the first time in Panama that bonds were backed by CDNOs.
  • This is also the first time a transaction of this nature was listed on the Singapore Stock Exchange. 
  • The transaction is also notable because it represents an issue of government certificates to finance a Panama infrastructure project.
  • Panama's Ministry of Economy and Finance provided an ROP Guarantee for the notes.
  • UBS acted as bookrunner. 

Rani Mehta - Journalist 



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