CAF Upsizes Euro Bond

CAF Upsizes Euro Bond

Bonds Structured Finance

With European volatility subsiding on news of a likely Irish bailout, CAF was able to raise a EUR400m bond Monday, upsizing from a planned EUR300m. The Venezuela-based multilateral lender drew about EUR900m in orders, according to a banker on the deal, after meeting the buyside last week. BNP and HSBC managed the sale. The A1/A+ 2018 priced at 99.603 with a 4.625% coupon, to yield 4.694%, or mid-swaps plus 200.0bp. “One of the objectives was to have the cost at most at USD levels,” Gabriel Felpe

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