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Continental Success for CAF

Feb 1, 2003

When Corporación Andina de Fomento (CAF) decided to issue a euro-denominated bond in 2002, it took on a considerable challenge. Unlike the multilateral's devoted following of US investors, European investors needed convincing that CAF is a worthwhile risk even though it is heavily exposed to the turbulent Andean region. With the help of bookrunners Merrill Lynch and Dresdner Kleinwort Wasserstein, CAF persuaded new and existing investors in Europe to buy its €350 million seven-year bond at a time when the euro market was still suffering a vicious hangover from the Argentine default in January 2002. CAF's success in cultivating new investors in an especially tough market makes its €350 million issue the LatinFinance multilateral bond of the year.

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At a fundamental level, the issue is how to generate healthy returns in the medium to long term. Policy holders can see their fund go down over the course of a week or a month, but what we really should be looking at is returns over 20 or 30 years.

Daniel Schydlowsky, Peru’s banking, insurance and private pension fund regulator


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