January 1, 2013
The $110 million, 25-year bond issued last April by Peru’s Terminales Portuarios Euroandinos (TPE) to fund the upgrade of Puerto de Paita is not only the first cross-border bond with brownfield construction risk in Latin America, it is also the first ever project bond for a port in the region.
In the groundbreaking transaction, the borrower – which won a 30-year concession for the port in 2009 – convinced investors to take the risks with no guarantees or financial guaranty insurance.
TPE raised $110 million from the bond markets in April, following a lengthy discussion with investors. The resulting 2037 bond was priced at par with an 8.125% coupon, to offer about 350 basis points more tha
Terminales Portuarios Euroandinos Paita $110m 2037 Bond