DID PANAMA'S GLOBAL BANK POSTPONE $200M BOND ISSUE BECAUSE OF MARTINELLI INVESTIGATION? | KENNETH RIJOCK BREAKING NEWS |
Analysis and Commentary by a former Money Launderer ~ Mr. Kenneth Rijock |
Saturday May 05, 2012
President Ricardo Martinelli’s Global Bank Cannot Obtain Underwriter for Bond issue in Panama |
On Thursday, Global Bank announced that it had "indefinitely postponed" the issuance of its scheduled $200m global covered-bond issue. Investors were to be offered 5-5.25% interest on the mortgage-backed bonds, which were due in five years. The bonds were to be secured by the credit rating of the issuer, as well as a pool of active Panama-based residential mortgages denominated in US Dollars.
Whilst the reasons offered for this action included a lack of investor interest, the question remains: was the issue shelved due to the pending criminal investigation, in Italy, against Panamanian President Ricardo Martinelli? Martinelli is said to be a major shareholder in the banks; some sources claim that he is the largest shareholder, and that his son, who is a director of the bank, is also a shareholder. The son is also reportedly under investigation on the same corruption charges in Italy.
Rumors swirling around Panama City claim that the bank has been to four underwriters thus far, all of who have, after thorough study, declined to take the bond issue. It has been reported that the bank is undercapitalized, and is in dire need of this bond issue. Is the bank's loan portfolio Non-Performing?
Is Martinelli's imminent indictment in Italy affecting Global Bank's ability to raise capital? We cannot say, but we shall continue to report on the Martinelli case, as it unfolds.
* Written By Kenneth Rijock & Posted with permission
WANTED SA kindly thanks Kenneth Rijock, AFP, Reuters, BBC, Associated Press, DEA, FBI, Westlaw, Arutz Sheva, and all the Parties, Press, Journalists, Law Enforcement and Securities forces who have contributed to the many articles and their sincere opinions and statements.
WANTED SA states that the facts and opinions stated in this article are those of the author and not those of WANTED SA. We do not warrant the accuracy of any of the facts and opinions stated in this article nor do we endorse them or accept any form of responsibility for the articles.
For Confidential Contact:
WASHINGTON, D.C. 1.202.787.3861 -
TOLL FREE FROM USA & CANADA: 1.888.255.1533 -
LONDON CENTRAL, UNITED KINGDOM (44) 207.993.6256 -
Or e-mail us: