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World Bank Webinar: Syndications for issuing local bonds tradable at international clearing securities depositories: The pros and cons for attracting foreign investors

In April 2019, Panama launched its first Euroclearable domestic bond at the local Stock Exchange through a syndication attracting international investors and increasing competition for government securities issued under local law. The Panamanian experience sheds light to sovereigns struggling with a few large market participants that distort the price discovery process in the regular auctions in the absence of a diverse investor base.

Chile has used syndications to issue Globals in the international capital markets as well as Euroclearable domestic bonds, both in local currency. While attractive from the point of view of foreign investors, the two alternatives have disadvantages in terms of limiting space for regular auctions and possibly fragmenting the secondary market between local and international trading pools.

In this webinar, the DMOs of Chile and Panama present their countries’ experiences, followed by a panel discussion that includes Mr. Javier Hernandez, Associate from Morgan Stanley and Mr. Leandro Secunho, Senior Financial Officer from the World Bank Treasury and a former Head of the Brazilian DMO Front Office.


Anna Marella Lagrotta, Deputy Director, Ministry of Economy and Finance of Panama

Etzel Pallares, Head of the Middle Office, Ministry of Economy and Finance of Panama

Patricio Sepulveda, Director, Debt Management Unit, Ministry of Finance of Chile

Javier Hernandez Rivero, Associate, Global Capital Markets, Morgan Stanley

Leandro Secunho, Senior Financial Officer, Government Debt and Risk Management, World Bank Treasury


Antonio Velandia, Lead Financial Officer, Government Debt and Risk Management, World Bank Treasury



Panama presentation

Chile presentation

Webinar recording