January 15, 2016
The Republic of Peru packed a lot of achievements into a single transaction to garner this year’s award for Local Currency Deal of the Year. The Andean sovereign set a local-currency benchmark for ten-year notes, increased its investor base, extended maturities on existing debt and pre-financed part of its debt service for 2015 with the execution of its 7.13 billion sol ($2.13 billion) global depositary note in October 2014.
Bookrunners Bank of America-Merrill Lynch, BBVA and Morgan Stanley built a book of approximately 8 billion soles for the 2024 144a/RegS bond, allowing them to tighten pricing to yield 5.75%, from guidance of 5.875%. Proceeds from the deal were used to buy back debt with
The Andean sovereign increased its investor base, extended its maturities and pre-financed debt in this remarkable liability management exercise