Overview de Renta Fija de Panamá

Overview de Renta Fija de Panamá
Agosto 20, 2014
“El aumento de la radicación de empresas en Panamá
favorece a las compañías inmobiliarias”
El aumento de las compañías que se están radicando en Panamá
favorece al mercado de oficinas Clase A…
La construcción fue uno de los principales impulsores del crecimiento
de la economía de Panamá en los últimos años, con una participación
promedio de 6,1% en el PBI entre 2008 y 2012. La actividad de la
construcción aceleró su crecimiento durante los últimos tres años, y
se espera que se mantenga dicha tendencia en los próximos años
debido a los grandes proyectos de infraestructura. Si bien el mercado
de oficinas reflejó un aumento en la en la tasa de desocupación en el
2S13 (17,3%) respecto al 1S13 (9,6%), la demanda por espacio
continúa creciendo, gracias a las nuevas compañías que se están
estableciendo en Panamá. El precio promedio de alquiler se mantuvo
constante en 2013 en USD 24,77 por m 2 / mes.
Figura 1: las principales zonas de Panamá que continúan con gran desarrollo inmobiliario son Área
Bancaria, el Sur y la Periferia del Este
Mercado de oficinas
Clase A
Área rentable
(m 2)
Área
disponible
(m 2)
Tasa de
En construcción Alquiler promedio
desocupación
(m 2)
(USD por m 2/mes)
Área bancaria
47.007
14.347
31%
129.667
USD 20-USD 25
Sur
82.286
19.219
23%
33.108
USD 18-USD 24
San Francisco
181.426
22.589
13%
-
USD 25-USD 28
Periferia del Este
150.643
23.720
16%
54.961
USD 25-USD 28
Total Clase A
461.362
79.875
17%
217.736
USD 24,77
Fuente: CBRE Panmá, datos a 2013
Green Tower Properties es la compañía arrendataria de la nueva
MMG Tower…
Green Tower Properties es propietaria del 100% del edificio MMG
Tower en Costa del Este, cuya construcción comenzó en diciembre
2010 y finalizó en febrero 2013. Durante este período la compañía
realizó inversiones por USD 59,5 mn en la ciudad de Panamá. La
actividad actual de la compañía se centra en el arrendamiento de las
oficinas y espacios comerciales del edificio MMG Tower. El edificio
posee un área total alquilable de 32.804 m 2 entre oficinas, espacios
comerciales y terrazas, y posee 27 pisos. Adicionalmente, ofrece
1.371 m 2 de espacio para depósitos. Este edificio será la nueva sede
del Grupo Morgan & Morgan, que ocupará el 31% del espacio
disponible, pagando un canon de USD 25 por m 2 por un período de 10
años (renovables). De este modo, el Grupo Morgan & Morgan,
representaría aproximadamente 22% de los ingresos proyectados, en
caso que se alcance la ocupación total del edificio. Los contratos de
alquiler del edificio son bajo la modalidad “no acondicionada”, por la
cual los arrendatarios son responsables del diseño, ejecución, y
Ver disclaimer en la página 4
Gastón Sempere
Analista de Research
20 de Agosto, 2014
Overview de Renta Fija de Panamá
financiamiento de las mejoras a las propiedades que arriendan.
La compañía goza de una sólida posición financiera y sus bonos se
encuentran garantizados…
Para el trimestre finalizado el 31-mar-2014, Green Tower Properties
registró un aumento importante en el total de sus activos, pasando de
USD 77,6 mn al 30-sep-2013 a USD 101,8 mn, debido al incremento de
USD 16,9 mn en el valor de la propiedad. De este modo, el índice de
liquidez (activos corrientes/pasivos corrientes) es de 8,4 veces y el nivel
de apalancamiento (total de pasivos/total de patrimonio) es de 1,4 veces.
Por su parte, los ingresos de la compañía fueron USD 22,4 mn, gracias
al avalúo de la propiedad, y los gastos ascendieron a USD 939.239,
resultando en una ganancia de USD 19,97 mn. Los bonos de la
compañía con vencimiento en 2020 y cupón de 5,75% anual se
encuentran garantizados por un fideicomiso con derechos hipotecarios
sobre fincas del edificio MMG Tower y los flujos cedidos derivados de los
contratos de arrendamiento de dichas fincas.
2
20 de Agosto, 2014
Overview de Renta Fija de Panamá
ANEXO
Figura 2: evolución de los principales bonos soberanos y corporativos de Panamá (datos al 19-ago-2014)
Emisor
Moneda Cupón (%)
Tipo de
Cupón
Frec
cupón
Vencimiento TIR (%)
Modified
Duration
(años)
Outstanding
(USD mn)
Sector
Calificación
Gobierno
Gobierno
Gobierno
Gobierno
Gobierno
Gobierno
Gobierno
BBB/Baa2/BBB
BBB/Baa2/BBB
BBB/Baa2/BBB
BBB/Baa2/BBB
BBB/Baa2/BBB
BBB/Baa2/BBB
BBB/Baa2/BBB
Bonos Soberanos
REPUBLIC OF PANAMA
REPUBLIC OF PANAMA
REPUBLIC OF PANAMA
REPUBLIC OF PANAMA
REPUBLIC OF PANAMA
REPUBLIC OF PANAMA
REPUBLIC OF PANAMA
USD
USD
USD
USD
USD
USD
USD
7,25
5,2
7,125
8,875
9,375
6,7
4,3
FIJO
FIJO
FIJO
FIJO
FIJO
FIJO
FIJO
2
2
2
2
2
2
2
15/03/2015
30/01/2020
29/01/2026
30/09/2027
01/04/2029
26/01/2036
29/04/2053
0,4
2,9
4,0
4,4
4,6
4,9
5,0
0,55
4,76
8,26
8,50
9,01
12,34
17,30
379
1.500
980
975
951
2.034
750
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
4
4
6,35
4,75
5,75
5,75
7,6
4,95
5,75
6,75
4,73
FIJO
FIJO
FIJO
FIJO
FIJO
FIJO
FIJO
FIJO
FIJO
FIJO
FIJO
4
4
2
2
4
4
2
4
4
2
2
13/12/2014
01/03/2015
21/12/2016
05/10/2017
31/12/2017
23/12/2020
12/07/2021
25/04/2023
09/10/2023
25/11/2023
13/12/2027
2,2
2,2
5,9
3,5
3,0
4,3
4,0
4,5
4,5
5,7
4,8
0,32
0,53
2,12
2,84
3,06
5,31
5,49
7,03
7,14
6,87
9,74
50
50
300
300
60
55
100
550
650
220
80
Bonos Corporativos
BANCO PANAMA SA
BANCO PANAMA SA
AES PANAMA SA
GLOBAL BANK CORPORATION
IDEAL LIVING SA
GREEN TOWER PROP
ELEKTRA NORESTE
ENA NORTE TRUST
AEROPUERTO INTL TOCUMEN
AES CHANGUINOLA SA
ELEKTRA NORESTE
Fuente: Bloomberg
3
Financiero
-/-/Financiero
-/-/Servicios Públicos
BB-/-/BB+
Financiero
BBB/Baa3/Financiero
-/-/Financiero
-/-/Servicios Públicos
-/-/BBB
Consumo Básico BBB/Baa3/BBB
Industrial
-/-/Energía
-/-/Servicios Públicos
-/-/-
20 de Agosto, 2014
Overview de Renta Fija de Panamá
Important disclaimer
This document is for distribution only as may be permitted by law. It is not directed to, or intended for distribution to or use
by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such
distribution, publication, availability or use would be contrary to law or regulation or would subject PUENTE to any
registration or licensing requirement within such jurisdiction. It is published solely for information purposes; it is not an
advertisement nor is it a solicitation or an offer to buy or sell any financial instruments or to participate in any particular
trading strategy. No representation or warranty, either express or implied, is provided in relation to the accuracy,
completeness or reliability of the information contained in this document („the Information‟), except with respect to
Information concerning PUENTE. The Information is not intended to be a complete statement or summary of the securities,
markets or developments referred to in the document. PUENTE does not undertake to update or keep current the
Information. Any opinions expressed in this document may change without notice and may differ or be contrary to opinions
expressed by other business areas or groups of PUENTE.
Nothing in this document constitutes a representation that any investment strategy or recommendation is suitable or
appropriate to an investor‟s individual circumstances or otherwise constitutes a personal recommendation. Investments
involve risks, and investors should exercise prudence and their own judgment in making their investment decisions. The
financial instruments described in the document may not be eligible for sale in all jurisdictions or to certain categories of
investors. Options, derivative products and futures are not suitable for all investors, and trading in these instruments is
considered risky. Mortgage and asset-backed securities may involve a high degree of risk and may be highly volatile in
response to fluctuations in interest rates or other market conditions. Foreign currency rates of exchange may adversely
affect the value, price or income of any security or related instrument referred to in the document. For investment advice,
trade execution or other enquiries, clients should contact their local sales representative. Investors should make their own
investment decisions considering such circumstances and obtain such professional and specialized advice as may be
necessary.
The contents of this document are based on information available to the general public that was obtained from sources
considered to be reliable. However, such information has not been independently verified by PUENTE, and therefore no
warranty, either express or implicit, is given regarding its accuracy, integrity or correctness. PUENTE does not assume any
liability of any type for any negative results arising from the use of this document or its contents.
Investors interested in making an investment should take into consideration that all the instruments are governed by specific
legislation as well as by certain documents approved by the relevant authorities (e.g., prospectus, registration statements,
offering memoranda, notices of subscription, pricing supplements, et cetera), which should include complete and accurate
information about the instrument and shall be reviewed by the investors, together with their legal and financial advisors, prior
to making the investment.
Investors should note that the past performance of securities or instruments or the historical results of investments do not
guarantee future performance. The market prices of securities or instruments or the results of investments could fluctuate
against the interests of investors. Trades in securities require a constant supervision of the financial position. Furthermore,
investors shall fully understand the chance of total loss of the investment made.
Trades in equity or credit derivatives and high-yield securities may involve higher risks. In case of some investments, the
potential losses may exceed the amount of the initial investment and, in such circumstances investors may be required to
pay more money to support those losses. Before undertaking any trade with these instruments, investors should be aware of
their operation, as well as the rights, liabilities and risks implied by the same and the underlying securities. Investors should
also be aware that secondary markets for such instruments may be limited or even not exist.
PUENTE and/or any of its affiliates, as well as their respective directors, executives and employees, may have a position in
any of the securities or instruments referred to, directly or indirectly, in this document, or in any other related thereto; they
may trade for their own account or for third-party account in those securities, provide consulting or other services to the
issuer of the aforementioned securities or instruments or to companies related thereto or to their shareholders, executives or
employees, or may have interests or perform transactions in those securities or instruments or related investments before or
after the publication of this report, to the extent permitted by the applicable law.
PUENTE or any of its shareholders, executives or employees may provide oral or written market commentary or trading
strategies different from the opinions expressed herein.
Under no circumstances PUENTE will be considered liable or accountable for the result of the investments made by
investors.
Country and Region Specific Disclosures
United States: Distributed only to “Major U.S. Institutional Investors”.
No addressee of this document may distribute nor reproduce this report or any of the parts thereof without the prior written
consent of PUENTE. Failure to comply with these restrictions may breach the laws of the relevant jurisdiction where such
unauthorized distribution or reproduction occur
4