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Peruvian Bond Debutant Bottles Massive Demand

May 9, 2012

Peru’s Ajecorp generated close to $2.6bn in orders for its $300m international bond debut, ratcheting down its yield well below expectations. The 2022 NC5 priced at par with a 6.50% coupon, to yield at the tight end of 6.50%-area guidance, which had been revised from 6.75%, and followed 7.00% whispers. “Great deal and great momentum,” says an EM investor following...

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"[While] it’s good to build more infrastructure and increase investment, you have to be conscious about the macro effects of too big an increase in domestic demand, including of course public expenditure."

Julio Velarde, Peru central bank


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