Peru Clinches $1.5bn in PEN Bond

Peru priced a benchmark 30-year PEN-denominated bond last week, raising well over the $1bn minimum it had established on the roadshow. The sovereign priced PEN4.750bn ($1.5bn) in 2037 bonds at par to yield 6.90%. Proceeds will pay down Paris Club debt, the members of which agreed to receive prepayments for $1.754bn worth earlier this month. The Peruvian government has approved a sale of up to $2.58bn worth bonds for Paris Club debt, indicating the possibility of further issuance down the road. Citi led the offer.