BLX · CIK 0000890541
What Banco Latinoamericano de Comercio Exterior (Bladex) told the SEC could break it.
Bladex's disclosures reflect a Panama-based regional trade-finance bank exposed on three fronts. Its credit book is tied to commodities — $1,258 million (14%) of loans are oil-and-gas related and another $343 million (4%) agribusiness, mostly unsecured, with repayment linked to commodity production and prices (2025 impairments already include a $20 million upstream-gas exposure). Its funding is wholesale and concentrated, with no retail deposits and 38% of deposits coming from regional central and state-owned banks at a short average maturity. And its Panama base brings physical risk, as Panama Canal drought has restricted vessel transits and raised fees, alongside earthquake and flood exposure that can weigh on lending volume and loan quality.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Climate & physical
- Panama Canal drought — restricted transits; Panama seismic/flood exposuremedium
Headquartered in Panama and focused on regional trade finance: drought has already restricted Panama Canal vessel transits and raised transit fees, and the country carries earthquake/flood/El Niño exposure that can impair lending volume and loan quality.
“Drought conditions have impacted shipping traffic through the Panama Canal, with vessel transits restricted and transit fees increased.”
SEC filing →As of 2026
Commodity & input dependence
- oil/gas + agribusiness loan book — 18% of portfolio, commodity-price credit channelmedium
$1,258M (14%) of the loan portfolio is oil/gas-related and $343M (4%) agribusiness — mostly unsecured, with repayment tied to commodity production and prices; 2025 impairments already include a $20M upstream-gas exposure.
“As of December 31, 2025, $1,258 million, or 14% of the Bank's Loan Portfolio was comprised of oil/gas related loans, and $343 million, or 4% of the Bank's Loan Portfolio was comprised of agribusiness loans.”
Liquidity & debt
- deposit funding concentrated in central & state-owned banks (38%)medium
No retail deposits — funding is highly concentrated in main depositors: 38% of deposits are from regional central and state-owned banks (the bank's own Class A shareholders), with ~48-day average remaining maturity.
“As of December 31, 2025, 38% of the deposits held by the Bank were deposits made by central and state-owned banks in the Region.”
SEC filing →As of 2026
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