Bladex (NYSE: BLX) sells US$200 million AT1 notes with 7.50% coupon

Rhea-AI Filing Summary

Banco Latinoamericano de Comercio Exterior, S.A. (Bladex) has priced its inaugural Additional Tier 1 (AT1) capital offering in international markets, raising US$200 million through perpetual, non-cumulative instruments with an initial call date after seven years. The AT1 notes carry a 7.50% coupon and were more than three times oversubscribed, indicating strong interest from a broad base of global institutional investors.

The bank describes this as a landmark debut of a hybrid capital instrument, intended to optimize its capital structure under local rules and the Basel III framework. Bladex plans to use the proceeds to further strengthen its capital base, support future loan growth, and keep capitalization comfortably above regulatory requirements, while also broadening access to global capital markets and enhancing financial flexibility.

Positive

• Raised US$200 million in inaugural AT1 issuance, adding Basel III-compliant hybrid capital to strengthen Bladex’s regulatory capital base and support future loan growth.
• Strong demand and pricing: the AT1 notes, carrying a 7.50% coupon and seven-year first call, were more than three times oversubscribed by global institutional investors.

Negative

• None.

Insights

Bank capital structure analyst

Bladex boosts capital with US$200 million inaugural AT1 issue.

Bladex has issued US$200 million of perpetual, non-cumulative Additional Tier 1 (AT1) instruments, priced at a 7.50% coupon with an initial call after seven years. As a Basel III-compliant hybrid security, AT1 typically counts toward regulatory capital, helping the bank reinforce its loss-absorbing buffer without issuing common equity.

The deal was more than three times oversubscribed, with demand from a diversified group of global institutional investors, which suggests solid market appetite for the bank’s credit risk at this yield. Management states that proceeds will support future loan growth while maintaining capitalization above regulatory minimums, implying room to expand the balance sheet within current rules.

Over time, investors can track how this new layer of capital interacts with Bladex’s stated objective to keep “robust capital and liquidity metrics” as it prudently grows its loan portfolio. Any future disclosures on capital ratios and funding costs will help quantify the longer-term impact of the US$200 million AT1 issuance on profitability and resilience.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 09/12/2025 - 04:06 PM Learn about SEC filing dates

FAQ

What did Bladex (BLX) announce in this Form 6-K?

Bladex announced it has successfully priced its inaugural Additional Tier 1 (AT1) capital offering in international markets, raising US$200 million through perpetual, non-cumulative instruments with a seven-year initial call date.

What are the key terms of Bladex’s new AT1 notes?

The AT1 notes are perpetual, non-cumulative instruments with an initial call date after seven years, priced at a fixed 7.50% coupon.

How strong was investor demand for Bladex’s AT1 issuance?

The transaction was more than three times oversubscribed, attracting significant interest from a broad and diversified base of global institutional investors.

How will Bladex use the US$200 million AT1 proceeds?

Bladex states that proceeds will be used to strengthen its capital base, support future loan growth, and help maintain capitalization levels comfortably above regulatory requirements.

How is the new AT1 issuance positioned within Bladex’s capital framework?

The bank describes the AT1 issuance as a Basel III-compliant hybrid instrument designed to optimize its capital structure while complying with current local regulations.

Who led Bladex’s US$200 million AT1 transaction?

The transaction was jointly led by Bank of America Securities and J.P. Morgan Securities, LLC as Global Coordinators, with Jefferies acting as Bookrunner.

What are Bladex’s and the AT1 notes’ credit ratings?

Bladex is rated BBB/Baa2/BBB by S&P, Moody’s, and Fitch, respectively, while the AT1 securities are rated BB-/Ba2/BB- by the same agencies.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

For the month of September, 2025

Commission File Number 1-11414

BANCO LATINOAMERICANO DE COMERCIO EXTERIOR, S.A.

(Exact name of Registrant as specified in its Charter)

FOREIGN TRADE BANK OF LATIN AMERICA, INC.

(Translation of Registrant’s name into English)

Business Park Torre V, Ave. La Rotonda, Costa del Este

P.O. Box 0819-08730

Panama City, Republic of Panama

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

						FOREIGN TRADE BANK OF LATIN AMERICA, INC.
						(Registrant)
Date: September 12, 2025			By:			/s/ Annette van Hoorde de Solís
			Name:			Annette van Hoorde de Solís
			Title:			Chief Financial Officer

Bladex Successfully Launches Inaugural US$200 Million AT1 Notes Offering, Attracting Strong Global Investor Demand

Panama City, September 12, 2025 – Bladex today announced the successful pricing of its inaugural Additional Tier 1 (AT1) capital offering in the international markets, raising US$200 million. The perpetual, non-cumulative instruments, with an initial call date set for seven years, were priced at a 7.50% coupon and attracted significant interest from a broad and diversified base of global institutional investors. The transaction was more than three times oversubscribed, reflecting robust market confidence in the Bank.

This landmark transaction marks Bladex’s debut of a hybrid instrument in the capital markets. The issuance is designed to optimize the Bank’s capital structure, in full compliance with current local regulations and the Basel III framework. Proceeds will be used to further strengthen Bladex’s capital base, supporting future loan growth while maintaining capitalization levels comfortably above regulatory requirements.

Jorge Salas, Chief Executive Officer of Bladex, said:

“This issuance represents a key milestone in Bladex’s transformation journey, broadening access to new investor pools and reinforcing its long-term growth strategy, while also strengthening the Bank’s capital position. A stronger capital base further supports our ability to finance trade flows and serve corporate clients across Latin America, while the robust investor demand and oversubscription reflect confidence in Bladex’s vision and our role as a trusted regional partner in trade finance.”

Annette van Hoorde de Solis, Chief Financial Officer of Bladex, added:

“We are very pleased with the outcome of our inaugural AT1 issuance, which broadens our access to global capital markets and enhances our financial flexibility. The strong oversubscription allowed us to achieve highly competitive pricing while raising additional resources to prudently expand our loan portfolio and maintain robust capital and liquidity metrics. We would like to thank our Global Coordinators, Bank of America and J.P. Morgan, as well as Jefferies in its role as Bookrunner, for their highly professional execution.”

The transaction was jointly led by Bank of America Securities and J.P. Morgan Securities, LLC as Global Coordinators, with Jefferies acting as Bookrunner.

Bladex is rated BBB/Baa2/BBB (S&P/Moody’s/Fitch), and the AT1 securities are rated BB-/Ba2/BB- (S&P/Moody’s/Fitch)

Bladex is a multinational bank established in 1979 by the central banks of Latin America and the Caribbean to promote trade finance and economic integration in the region. Headquartered in Panama, with representative offices in Argentina, Brazil, Colombia, and Mexico, and a representative agency in the United States, the Bank provides financial solutions to institutions and corporations throughout the region. Bladex has been listed on the New York Stock Exchange (NYSE: BLX) since 1992 and on the Mexican Stock Exchange for over a decade. Its shareholder base includes central banks, government entities, and banks from twenty-three Latin American countries, as well as institutional and private investors.