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Bond Market News
Panama Raises $300mn Demand from CK Hutchison’s Port Unit
April 8, 2025
Panama Ports Co., a local unit of CK Hutchison being sold to a BlackRock-led group, is under scrutiny after Panama’s Comptroller Anel Flores revealed it owes $300mn to the government and failed to follow legal procedures in its 2021 contract renewal. The company allegedly used tax-exempt subcontractors to reduce government payments and breached its obligation to share 10% of net income with Panama. Flores plans to file a criminal complaint against maritime authorities and Panama Ports executives, and may recommend the concession be revoked. The company operates key terminals at both ends of the Panama Canal. These revelations cast doubt on the legality of the concession and complicate the pending BlackRock acquisition, already delayed amid Chinese scrutiny. Flores warned that BlackRock may not fully understand the legal risks of what it is buying, citing “breaches, non-payments, and miscalculations.”
CK Asset’s Fixed-for-Life Perps were lower by over 1 point with its 3.5% Perp currently at 56.6, yielding 6.2%
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