March 04, 2025 16:13 GMT
EM LATAM CREDIT: Republic of Panama (PANAMA; Baa3neg/BBB-/BB+) Canal Ports Sale
EM LATAM CREDIT
“CKH TO SELL HUTCHISON PORT 90% STAKE IN PANAMA PORTS” – BBG
Neutral for spreads
• Hong Kong based CK Hutchison is selling their interest in ports near the Panama Canal to a Blackrock consortium in a deal valued around USD20bn.
• This action should take some pressure off Panama as the US was critical of Chinese influence around the Panama Canal as threatening US national security interests.
• There were still accusations that the Canal was overcharging US ships passing through the Canal that may need to be addressed.
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