Alicorp Shines in International Debut

Alicorp Shines in International Debut

Peru Bonds

An Andean issuer debuting in the DCM to strong demand is beginning to sound like a broken record - and Peru’s Alicorp is another credit that has lived up to the billing. The consumer goods company drew $4.4bn in orders, including $3bn from institutional accounts, when it priced a new $450m 2023. The Baa2/BBB borrower priced at 99.836 with a 3.875% coupon to yield 3.895%, or UST+190bp, at the tight end of 200bp-area guidance and earlier low-200bp whispers. The bonds were up 0.25-0.75 points in th

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