Buyside Sweet on Peruvian HY Bond
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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