Credit Where Credit Is Due

Credit Where Credit Is Due

Bonds Structured Finance

by Maria O'Brien Hugo Sarmiento The Andean Development Corp. (CAF) is an anomaly. It is an investment-grade rated public-sector development bank whose principal owners are some of the most unstable countries in Latin America. CAF is controlled by the governments of Bolivia, Colombia, Ecuador, Peru and Venezuela. And yet CAF has won a reputation for strong management and innovation. CAF underscored its status as Latin America's highest-rated issuer in June, when it became the first Latin American issuer to sell bonds in Japan since Argentina's economic crisis in 2001. The issue was a three- and seven-year, t

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