Press Release

Successful Completion of Promissory Note Exchange for Bonds Raises Assets to more than USD 3 Billion

Panama | September 30, 2025

  • The Fondo de Ahorro de Panama – Panama’s Sovereign Wealth Fund – (“FAP” or the “Fund”) successfully completed the exchange of promissory notes received in 2024 for Treasury bonds and global bonds (collectively, the “Bonds”) issued by the Government of Panama.

  • The market value of the Bonds received today amounts to USD 1,390.9 million, equivalent to the estimated value of the promissory notes.

  • With this exchange – added to the current USD 1,637.9 million asset portfolio – the FAP’s total fiduciary assets rise to approximately USD 3,028.8 million, the highest level since its creation.

The FAP announces the successful completion of the exchange of promissory notes received in June 2024—corresponding to accumulated contributions from the Panama Canal for the years 2020 through 2023—for Bonds issued by the Government of Panama, and authorized by the Cabinet Council through Cabinet Decree No. 33 of August 26, 2025.

This transaction marks a historic milestone by transforming non-tradable instruments (promissory notes) into marketable assets (Bonds) that strengthen the Fund’s operating capacity and overall balance sheet.  The key to this operation is that the market value of the Bonds received is equivalent to the estimated value of the promissory notes as of September 30, 2025. The Bonds were valued using the average market price at the September 26 close, ensuring equivalence in economic value: USD 1,390.9 million (see attached table).

“The exchange of promissory notes for Bonds represents not only a quantitative improvement in the composition of the FAP’s assets, but also a significant step forward in consolidating our national savings vehicle,” said Mario R. Amaya, Chairman of the FAP Board of Directors.

Abdiel A. Santiago M., Secretary of the FAP, added: “We recognize and thank the MEF and the National Government for their commitment to fully comply with the FAP Law. This transaction increases the Fund’s assets by more than 84%. Because these Bonds are freely tradable in the capital markets, they also give the Fund greater flexibility to diversify its portfolio and pursue strategic investment opportunities for the benefit of the country.”

With the completion of this operation, the FAP’s fiduciary assets now stand at approximately USD 3,028.8 million—reaching the highest level in its history—and reinforce its role as a stability and savings mechanism for current and future generations of Panamanians.

Details of the Bonds Received by FAP:

Details of the Promissory Notes Exchanged:

About the Fondo de Ahorro de Panama
The Fund was created by Law 38 of June 5, 2012, whose main objectives are:

  1. Establish a long-term savings mechanism for the Panamanian State; and

  2. Establish a stabilization mechanism in case of a state of emergency (declared by the Cabinet’s Council) and economic slowdowns.

Contact: Administration, +507-394-5776/5706, administrador@fondoahorropanama.com
For additional information visit www.fondoahorropanama.com
 
 
###