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Buyside Sweet on Peruvian HY Bond

Jul 27, 2012

Corporacion Azucarera del Peru (Coazucar) has priced $325m in 2022 NC5 bonds as investors filled a book that reached around $4.5bn, demonstrating again that appetite exits for strong LatAm high-yield credits. Coazucar was able to use the scarcity of Peruvian credits in particular to generate significant interest at initial low to mid-7% whispers before ratcheting down pricing to a final 6.5% yield, reminiscent of compatriot Ajecorp’s $300m sale in May. “Coazucar has high margins, low leverage and is a leader...

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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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