CAF Blazes a New Trail

CAF Blazes a New Trail

Bonds Structured Finance

The Andean Development Corporation (CAF) has blazed a trail across the international capital markets in the decade since it issued its first bond in the US market. It set another milestone last year when it increased its US commercial paper program to a record $1 billion. CAF created the only Latin American stand- alone CP program, one that is not backed by a letter of credit from a bank, for the US market back in 2001. It increased that $500 million program to $1 billion in 2003.  LatinFinance recognizes CAF's success with the Commercial Paper Program of the Year. Hugo Sarmiento, CAF's chief financial officer, says its US CP issues "created awareness of the CAF name, which

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