CAF Re-Taps $250m 2017s

CAF has priced a $250m reopening of 5.75% 2017 notes at 98.007 to yield 6.041%, or 235bp over UST, in line with guidance of 235bp. “As a quality issuer, we feel it’s always important to come out in the market,” CAF VP of finance Hugo Sarmiento tells LatinFinance. “We saw this quiet period in the market as a good time to increase the liquidity of our dollar bonds.” He declined to disclose the order book size, but said it included many repeat buyers from the original $500m 2017 offering. Proceeds from the A+/A1 transaction will help expand the project loan portfolio. Credit Suisse led the sale, with HSBC and Merrill Lynch as co-managers. Sarmiento says CAF expects to follow a similar investment plan to 2007, with about $1bn equivalent to be issued. It counts dollar, Euro, and Yen issues and well as local issues in Peru Colombia and Mexico among its options.