Pacasmayo Cracks Yield Expectations
Peru’s Cemetos Pacasmayo generated $2.5bn in orders for its $300m international bond debut, winning a yield well below the high-4% to 5% initial expectations. The 2023 bond priced at 99.008 with a 4.500% coupon to yield 4.625%, the tight end of 4.750%-area guidance following the high-4% to 5% talk. The bonds were trading up 0.750-1.125 points Friday afternoon, according to investors. The BB+/BBB minus rated...
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