Panama places $1.3 bln in bonds on international market

PANAMA CITY, Nov 19 (Reuters) - Panama has placed $1.3 billion in bonds on the international market, at the lowest rates it has received, Economy and Finance Minister Hector Alexander said on Tuesday.

The money will be used primarily to pay interest on bonds due in January, he told a news conference.

“We were able to make a $1.3 billion issuance that was really successful,” Alexander said.

The 10-year bonds came with an effective interest rate of 2.83% and the 30-year bonds with a rate of 3.6%. Those marked the lowest rates the country has received, Alexander said.

Some of the money will also be used to help pay bonuses to retirees, he added. (Reporting by Elida Moreno; Editing by Clarence Fernandez)