Best Bond

Best Bond

Corporate & Sovereign Strategy

The innovative and creative nature of the $273.7 million variable funding note backing the Red Dorsal fiber optic cable in Peru makes this deal truly exceptional in project bonds and in the project finance market overall. Sponsors TV Azteca and Tendai issued the first-ever US dollar denominated delayed draw RPI securitization in Peru in March, netting a 5.875% coupon for the 16.5-year paper. Under the delayed draw feature, bondholders committed to the full size of the bond on the pricing date, advancing the funds in seven installments over 18 months.They are paid commitment fees on the undrawn portion of the principal amount.The bond is backed by revenues from tariffs on six sections of the

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