Best Multilateral

Best Multilateral

Bonds Structured Finance Venezuela Loans Corporate & Sovereign Strategy

The Caracas-based multilateral in May raised $74 million from what it calls the first ever retail-only placement in the Japanese market by a LatAm issuer. It is also the first sub-AAA rated name to tap that market. CAF’s funding is 65% in US dollars, but there is an increasing percentage done in other currencies, including Bolivares, Colombian pesos, euros, sterling, Swiss Francs, Mexican pesos and Peruvian soles. Lending is mostly done floating rate denominated in dollars, so funding is swapped on that basis. CAF has 55% of its debt in bonds, 25% in time deposits, 12% in commercial paper and short-term loans and 8% in long-term loans. In 2009, CAF registered record level operations o

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