Bond Investors Line up for Peruvian Debut

Bond Investors Line up for Peruvian Debut

Peru Bonds

Peru’s San Miguel Industrias (SMI) generated $2.3bn in orders for a new $200m bond, according to people following the sale, allowing for 125bp tightening from initial price thoughts. The BB/Ba2 $200m 2020 NC4 priced at par with a 7.75% coupon, tight to 8.00%-8.25% guidance that followed 9.0%-area talk. The bonds were trading up 1.25 points in the grey Wednesday, a trader says. “They win the award for biggest tightening from IPT to pricing,” says a banker away from the deal. Comping against retai

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