In 2025, the Bolsa Latinoamericana de Valores, known as Latinex, reported the highest trading volume in its 35-year history, exceeding $9.6 billion in total negotiations. The figure represents a 34 percent increase compared to 2024 and reflects a notable expansion in Panama’s domestic capital markets.
According to Lerzy Batista, Senior Commercial Vice President of Latinex, trading activity outpaced nominal GDP growth, with the ratio of negotiated volume to GDP increasing by 11 percent above the five-year average. Unlike 2021, when international issuances drove part of the activity, 2025 growth was largely fueled by purely local emissions – an indicator of greater depth and maturity in the domestic market.
Primary Market Leads the Expansion
The primary market accounted for 82 percent of total activity, reaching $7.9 billion – a 60 percent increase year over year. Both government and corporate issuers contributed to the growth.
Panama relied heavily on the capital markets as its principal financing channel for the public sector, raising participation to 46 percent, well above the historical average of 35 percent. Treasury bill issuances alone surpassed $2 billion.
Corporate issuances also gained momentum, exceeding $4 billion with stronger placement levels than in 2024. Total outstanding securities climbed to $55 billion, up 22 percent from the previous year.
From a macro perspective, this expansion reflects increasing confidence in local financial instruments and a broader investor base willing to deploy capital within Panama rather than exclusively through foreign markets.
Greater International Participation and Custody Growth
Latinex also reported a record $44.1 billion in assets under custody, marking a 26 percent increase. Through its connectivity with Euroclear Bank, international investor participation grew from 27 percent to 35 percent. The number of foreign clients more than doubled, rising from 40 to 104 investors across more than 25 countries.
In addition, more than $1.6 billion was traded through remote operators and correspondent agreements, with 60 percent of that volume negotiated from within Panama. Phase II of the iLink integration with Euroclear facilitated over $100 million in corporate placements by three local issuers, improving access to global capital from within the Panamanian market structure.
Strategic Priorities for 2026
Olga Cantillo, General Manager of Latinex, described 2025 as a consolidation year for the institution’s long-term strategy. For 2026, Latinex outlined four core priorities:
- Deepening the local market
- Positioning Panama as a gateway to international capital
- Strengthening sustainability initiatives
- Actively supporting issuers and intermediaries
Planned initiatives include structural framework enhancements, technological modernization, expansion of international listing services, and sustainability measures aligned with IFRS standards.
Implications for Property Investors and Market Stability
While the record performance relates directly to capital markets, it carries indirect significance for real estate investors and residents.
A deeper and more liquid financial market typically improves access to financing for developers, infrastructure projects, and corporate expansion. Increased government participation in domestic markets can also help diversify funding sources. However, sustained public-sector borrowing levels should be monitored carefully to assess long-term fiscal balance and interest rate implications.
For investors evaluating markets such as Panama City or master-planned areas like Costa del Este, a strengthening financial ecosystem contributes to overall market confidence, especially in sectors tied to banking, logistics, and multinational business operations.
At the same time, capital market growth does not automatically translate into property price appreciation. Real estate performance depends on employment trends, migration flows, supply pipelines, and credit availability. Nonetheless, a record year for Latinex reflects institutional development that reinforces Panama’s broader economic framework.
A Maturing Financial Hub
The 2025 results demonstrate that Panama’s capital markets are becoming more integrated internationally while strengthening domestic participation. With improved infrastructure, expanding investor access, and record volumes, Latinex appears positioned to continue building liquidity and transparency within the system.
For those evaluating long-term positioning in Panama – whether through equities, bonds, or property ownership – capital market depth remains an important macro indicator of economic resilience.
If you are exploring investment opportunities in Panama’s residential or commercial markets, Casa Solution Real Estate can provide data-driven guidance tailored to your goals. Contact us to discuss opportunities aligned with current market conditions.
Date: February 14, 2026
