CAF Taps US Market For $200 Million

The Caracas-based Andean Development Corporation (CAF) tapped the US market for $250 million last week, increasing the issue up from an originally planned $200 million. The issue was twice oversubscribed. The bonds, which mature in 2017, offered a “highly competitive rate”, according to the Corporation and was bought by investors worldwide. The lead manager was Credit Suisse. Enrique García, president of CAF, commented that the issue was due to “the CAF’s permanent presence in the most demanding international scenarios” and was in line with the Corporation’s financial strategy “based on reducing costs and diversifying and broadening fund-raising sources on international financial markets”.