In the Belly of the Curve

In the Belly of the Curve


Peru ended its 74-year absence from the international bond markets in February when it issued $1.43 billion worth of 10-year global bonds in a well-received deal that included a Brady exchange. The issue made the most of improving sentiment towards Peru, where the government of President Alejandro Toledo has shown signs of hitting its stride after a difficult and contentious first six months in office. Prior to the deal, both Moody's and Standard&Poor's raised their outlook for Peru and the government also concluded a $316 million stand-by agreement with the International Monetary Fund. The BB-/Ba3 rated sovereign was keen to go to the markets after its Brady spreads na

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