CAF Keeps Them Coming

Andean Development Corporation (CAF), the Caracas-based regional multilateral financial institution, is to follow up its landmark local-currency issue in Peru last month with an offering in Venezuelan bolivares. The Corporation is looking to place $100 million worth of local-currency bonds in Venezuela on June 13. The bolivar-denominated debt would be the first such paper to be issued by a multilateral in Venezuela. The five-year floating-rate bonds are expected to yield around 7%. Last month CAF successfully placed $75 million worth of 12-year local-currency bonds in Peru, the Corporation’s first bond issue in new soles and the largest such offering by a non-government issuer in the local market.