PARAGUAY | Capital markets: On the map

Jul 1, 2014

Paraguay hopes to raise its profile among global investors by tapping international bond markets

Attracting investor attention as a small, sub-investment grade sovereign can be tough.

For Paraguay, that is why tapping the international bond markets has been so important. The sovereign has a second benchmark deal in the pipeline, which it hopes will further lift its profile among global investors.

As it opens its doors to international fixed income investors, Paraguay hopes to gain recognition for its other efforts to make the country more enticing to global investors.

Its reforms have led to credit rating upgrades from two major agencies this year already. Yet the country still faces multiple hurdles before it can join the investment-grade club. Limited flexibility on monetary policy, low per-capita GDP, weak infrastructure and "still evolving" institutions are factors that restrain the country’s rating to BB with Standard & Poor’s, despite an upgrade in June.

A junk rating did not deter investors who piled into Paraguay’s Eurobond market...

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