CAF Returns for Tight Retap

CAF Returns for Tight Retap

Venezuela Bonds

Corporacion Andina de Fomento (CAF) has emerged with a $407m retap of its 2022 bond, seeing total demand of $1.23bn and clinching a tight price. The Aa3/A+/A+ regional development bank reopened the 4.375% coupon bonds at 107.907 to yield 3.412%, or UST+160bp, at the tight end of 165bp-area (+/-5bp) guidance that followed earlier 170bp price thoughts. Investors looking at the deal report that frequent issuer gave up very little in the trade. “We like the strong credit, but we did not like the [la

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