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