Best Multilateral

Nov 1, 2010

Corporación Andina de Fomento (CAF) may be 40 this year, but it shows no signs of slowing.

The Caracas-based multilateral in May raised $74 million from what it calls the first ever retail-only placement in the Japanese market by a LatAm issuer. It is also the first sub-AAA rated name to tap that market.

CAF’s funding is 65% in US dollars, but there is an increasing percentage done in other currencies, including Bolivares, Colombian pesos, euros, sterling, Swiss Francs, Mexican pesos and Peruvian soles.

Lending is mostly done floating rate denominated in dollars, so funding is swapped on that basis. CAF has 55% of its debt in bonds, 25% in time deposits, 12% in commercial paper...

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