CAF Returns to Switzerland

CAF Returns to Switzerland

Venezuela Europe Bonds

Regional development bank Corporacion Andina de Fomento (CAF) took advantage of a recent rating upgrade to raise CHF300m ($313m) in its third visit to the Swiss market this year. The Venezuela-based lender’s 2018 bond represented its largest-ever size and longest-ever tenor in CHF. The bond priced at 99.954 with a 1.500% coupon to yield 1.508%, or MS+105bp, in line with 105bp guidance which followed 105bp-110bp whispers. “Following a Moody’s upgrade to Aa3, we were put in a whole new category an

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