Banco Panamericano Debt Extends Week-Long Slump
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Banco Panamericano SA bonds declined, extending a week-long rout, as Folha de S. Paulo reported the alleged fraud under investigation by the central bank and prosecutors could total more than 2.5 billion reais ($1.5 billion).
The Sao Paulo-based bank’s 8.5 percent bonds due in 2020 fell 4.15 cents on the dollar to 90.75 cents, pushing the yield up 72 basis points, or 0.72 percentage point, to 10 percent, according to Trace. The notes were trading at 110 cents a week ago after the bank issued them in international markets at 99.17 cents in April.