As Peruvian issuers cautiously returned to international capital markets in 2025, Citi consolidated its position as a leading investment bank in the country, capturing the award for Investment Bank of the Year in the country on the back of landmark sovereign, quasi-sovereign and corporate transactions that helped reopen issuance after a prolonged period of volatility.
Citi led or co-led some of the most significant deals to emerge from Peru over the past year, including two sovereign bond issuances and a series of exchange and tender offers that together reached a combined value of about $5.3 billion. The bank also played a central role in the issuance of $400 million in sustainability notes by development bank COFIDE and the placement of $1.2 billion in bonds by power producer Orygen.
“2025 was a rebound year for capital markets in Peru,” says Miguel Uccelli, Citi’s head of Peru. “One of the government’s liability management deals was the largest ever made by the country.”
The Republic of Peru’s local-currency liability management exercise in June stood out as a defining transaction. The sovereign issued PEN-denominated bonds due 2035 alongside exchange and tender offers for shorter-dated securities, extending maturities and consolidating liquidity along the curve. The operation drew strong participation from domestic institutional investors and marked one of the largest PEN-denominated transactions in the country’s history.
Citi’s work with COFIDE was equally emblematic of the reopening of Peru’s corporate market. The state-owned development bank returned to international investors with a $400 million sustainability bond, drawing an orderbook several times oversubscribed and underscoring renewed confidence in high-grade Peruvian credits. Proceeds were earmarked for eligible green and social projects under COFIDE’s thematic bond framework, reinforcing Peru’s growing role in the region’s sustainable finance market.
Uccelli notes that issuers were willing to reengage with markets despite persistent political uncertainty at home. The stabilizing force, he argues, came from macroeconomic anchors rather than politics. “There has been a very good movement by Peruvian issuers in capital markets, and Citi has participated in a very active way,” Uccelli says. “In several cases, we have been the only US bank working on the deals.”
Lower inflation, a credible and independent central bank and declining interest rates all supported the reopening of issuance. The sol also strengthened against the dollar over the period, easing pressure on balance sheets and encouraging borrowers to refinance. Strong commodity prices, particularly for copper and gold, boosted export revenues and improved credit metrics for mining-linked corporates and the broader economy.
According to Dealogic, Citi increased its market share in Peru’s investment banking revenue rankings from 8.6% to 12.2% during the award period, climbing from fifth to second place in the league tables. The improvement reflected not only volume but also Citi’s role on the most complex and visible transactions, particularly for sovereign and quasi-sovereign issuers.
Among the year’s corporate highlights, Uccelli points to the $750 million bond issuance by Banco de Crédito del Perú (BCP), which helped reopen the market for Latin American financial institutions following renewed trade tensions and tariff announcements earlier in the year. Energy, retail and healthcare issuers also accessed international markets with Citi’s support, using proceeds to refinance debt and selectively fund growth.
Looking ahead, Citi sees a more constructive backdrop for Peru and the region as global investors reassess Latin American risk. “The region is becoming more open, and in the future, it has a high probability of becoming more attractive to investors,” Uccelli says.