Local Currency Deal of the Year, Sovereign Liability Management of the Year

Local Currency Deal of the Year, Sovereign Liability Management of the Year

Peru Bonds Corporate & Sovereign Strategy

Republic of Peru exchange offer In September, as investor appetite for emerging market assets increased, Peruvian officials saw a window of opportunity.  The government had been promoting a local currency bond sale and touting the idea of swapping dollar-denominated debt for cheaper sol-denominated bonds.  As investors weighed the possibility of rate increases by the US Federal Reserve, emerging market debt rallied and Peru issued a $3 billion sol-denominated bond maturing in 2028. The new instrument was used to buy back and swap existing debt, cutting Peru's cost of borrowing and moving more debt from dollars to local currency.  The impeccably timed transaction wins LatinFinance’s awards fo

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